L&T jumps on buyback plan

Larsen & Toubro rose 5.01% to Rs 1302.50 at 9:59 IST on BSE after the company announced that its board will meet on 23 August 2018, to consider a proposal for buyback of equity shares of the company.

The announcement was made on Saturday, 18 August 2018.

Meanwhile, the S&P BSE Sensex was up 258.32 points, or 0.68% to 38,206.20.

On the BSE, 1.98 lakh shares were traded in the counter so far compared with average daily volumes of 1.19 lakh shares in the past two weeks. The stock had hit a high of Rs 1,306 and a low of Rs 1,281.90 so far during the day. The stock hit a record high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 1,114.55 on 22 August 2017.

On a consolidated basis, net profit of Larsen & Toubro rose 43.15% to Rs 1472 crore on 18.78% rise in net sales to Rs 28283.45 crore in Q1 June 2018 over Q1 June 2017.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

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