L&T jumps about 5% in two sessions

L&T rose 1.69% to Rs 1,566.75 at 12:50 IST on BSE, extending Friday's 2.97% rise triggered by media reports that the company secured a large order from India's defence ministry.

Shares of L&T rose 2.97% to Rs 1,540.65 on Friday, 1 July 2016. The stock has risen 4.72% in two sessions from Rs 1,496.20 on Thursday, 30 June 2016.

Meanwhile, the BSE Sensex was up 212.37 points, or 0.78%, to 27,357.28.

On BSE, so far 96,000 shares were traded in the counter, compared with an average daily volume of 2.06 lakh shares in the past one quarter. The stock hit a high of Rs 1,569.10 and a low of Rs 1,550.35 so far during the day. The stock hit a 52-week high of Rs 1,886.25 on 17 July 2015. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had outperformed the market over the past 30 days till 1 July 2016, rising 4.21% compared with 1.12% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 24.42% as against Sensex's 7.42% rise.

The large-cap engineering & construction major has an equity capital of Rs 186.40 crore. Face value per share is Rs 2.

According to reports, the Ministry of Defence concluded negotiations with L&T for the supply of 100 new mobile artillery guns that may be deployed along the western border to blunt the edge that Pakistan has with US-supplied weapons. The Rs 4500-crore contract for the K9 Vajra-T howitzer, which had been under price negotiations since the beginning of this year, has been finalised and the defence ministry is set to move it to the Cabinet Committee on Security for approval, reports suggested.

L&T's consolidated net profit rose 18.6% to Rs 2453.64 crore on 18.51% rise in net sales to Rs 32812.24 crore in Q4 March 2016 over Q4 March 2015.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in more than 30 countries worldwide.

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