L&T slips ex-dividend

L&T fell 1.31% to Rs 1,482.25 at 14:16 IST on BSE after the stock turned ex-dividend today, 18 August 2016 for dividend of Rs 18.25 per share for the year ended 31 March 2016.

Meanwhile, the BSE Sensex was up 94.30 points, or 0.34%, to 28,099.67

On BSE, so far 59,000 shares were traded in the counter, compared with average daily volume of 2.13 lakh shares in the past one quarter. The stock hit a high of Rs 1,498.90 and a low of Rs 1,481 so far during the day. The stock hit a 52-week high of Rs 1,818.85 on 19 August 2015. The stock hit a 52-week low of Rs 1,016.60 on 12 February 2016. The stock had underperformed the market over the past 30 days till 17 August 2016, falling 4.53% compared with 0.78% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, surging 18.55% as against Sensex's 10.26% rise.

The large-cap company has an equity capital of Rs 186.43 crore. Face value per share is Rs 2.

Before turning ex-dividend, the L&T stock offered a dividend yield of 1.21% based on its closing price of Rs 1,502 on the BSE yesterday, 17 August 2016.

L&T recently won a contract from the Maharashtra state government to convert Nagpur into an integrated smart city. The announcement was made during market hours on 16 August 2016.

L&T's consolidated net profit rose 45.5% to Rs 609.60 crore on 9.07% growth in total income to Rs 22176.22 crore in Q1 June 2016 over Q1 June 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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