L&T nudges higher on reports of Govt's stake sale

L&T was up 0.11% to Rs 1,752.50 at 15:11 IST on BSE on reports the Government of India sold 2.5% stake in the company via block deals on the stock exchanges today, 21 June 2017.

Meanwhile, the S&P BSE Sensex was down 16.55 points or 0.05% at 31,280.98.

On the BSE, 2.39 crore shares were traded on the counter so far as against the average daily volumes of 1.97 lakh shares in the past one quarter. The stock had hit a high of Rs 1,781.40 and a low of Rs 1,751.55 so far during the day. The stock had hit a 52-week high of Rs 1,834 on 30 May 2017 and a 52-week low of Rs 1,295.30 on 9 November 2016.

The stock had underperformed the market over the past one month till 20 June 2017, gaining 1.54% compared with the Sensex's 2.73% rise. The stock had, however, outperformed the market over the past one quarter, advancing 13.8% as against the Sensex's 6.03% rise. The scrip had underperformed the market over the past one year, gaining 16.27% as against the Sensex's 16.49% rise.

The large-cap company has equity capital of Rs 186.68 crore. Face value per share is Rs 2.

As per reports, the Government of India (GoI), through the state-owned Specified Undertaking of Unit Trust of India (SUUTI) sold about 2.5% stake in L&T through block deals on the stock exchanges today, 21 June 2017.

SUUTI owned a 6.55% stake in L&T end March 2017.

Meanwhile, media reports suggested that ABB India is in discussions with L&T to acquire the latter's electrical and automation division. According to reports, ABB has offered over Rs 14000 crore for the deal and discussions are yet to arrive at a final figure.

In a separate development, NHPC announced after market hours yesterday, 20 June 2017 that it has awarded EPC contract for the development of 50 megawatts (MW) Solar Power project in Tamil Nadu to L&T for an amount of Rs 287.48 crore. The project is slated to complete in 9 months.

L&T's consolidated net profit rose 28.1% to Rs 3180.41 crore on 12% increase in net sales to Rs 36827.99 crore in Q4 March 2017 over Q4 March 2016.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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