L&T recovers on bargain hunting

L&T rose 1.46% to Rs 970 at 11:05 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was up 255.69 points or 1.23% at 21,014.18.

On BSE, so far 79,000 shares were traded in the counter as against average daily volume of 2.84 lakh shares in the past one quarter.

The stock hit a high of Rs 977.30 and a low of Rs 957 so far during the day. The stock hit a 52-week high of Rs 1,152.40 on 9 December 2013. The stock hit a 52-week low of Rs 678.10 on 28 August 2013.

The stock had underperformed the market over the past one month till 10 January 2014, sliding 13.11% compared with the Sensex's 2.34% fall. The scrip had, however, outperformed the market in past one quarter, jumping 13.01% as against Sensex's 2.4% rise.

The large-cap company has equity capital of Rs 185.21 crore. Face value per share is Rs 2.

Shares of L&T had declined 6.18% in three trading sessions to settle at Rs 956 on Friday, 10 January 2014 from a recent high of Rs 1019.05 on 7 January 2014.

L&T last week announced that the power transmission & distribution business of L&T Construction, through its fully-owned subsidiary L&T Saudi Arabia LLC, has bagged a major international engineering, procurement and construction (EPC) order in the Kingdom of Saudi Arabia from the Saudi Arabian Oil Company (Saudi Aramco). Larsen & Toubro Saudi Arabia LLC is one among multiple joint ventures of L&T in the high-growth market of Saudi Arabia.

Separately, L&T last week said its construction division has secured new orders worth Rs 2962 crore across various business segments.

L&T's net profit declined 14.1% to Rs 977.51 crore on 10% growth in net sales to Rs 14509.51 crore in Q2 September 2013 over Q2 September 2012.

L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.

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