L&T spurts after good Q2 result

Larsen & Toubro gained 4.63% to Rs 1,358.50 at 10:10 IST on BSE after consolidated net profit rose 28.37% to Rs 2593.41 crore on 21.6% rise in total income to Rs 32800.85 crore in Q2 September 2018 over Q2 September 2017.

The result was announced after market hours yesterday, 31 October 2018.

Meanwhile, the S&P BSE Sensex was down 5.59 points, or 0.02% to 34,436.46

On the BSE, 3.48 lakh shares were traded in the counter so far compared with average daily volumes of 1.26 lakh shares in the past two weeks. The stock had hit a high of Rs 1,382 and a low of Rs 1,336.15 so far during the day. The stock hit a 52-week high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 1,176 on 14 December 2017.

L&T said that the company has witnessed a strong growth of 46%, with order wins worth Rs 41921 crore at the group level during Q2 September 2018 due to pick-up in domestic ordering activity. International orders at Rs 8268 crore constituted 20% of the total order inflow. Infrastructure, Hydrocarbon, Heavy Engineering and Power businesses largely contributed to the growth in order inflows. The consolidated order book stood at Rs 281166 crore as at 30 September 2018. International order book constituted 22% of the total order book.

In its outlook, L&T said that investment by private sector however remains cautious with increased economic volatility in terms of hardening commodity prices, weakening INR, rising crude oil prices, tight liquidity in the financial markets, coupled with unevenly distributed monsoon. Global challenges are also being witnessed in terms of increasing trade barriers and activation of sanctions impacting free trade. The company continues to focus on operational excellence and cost competitiveness for profitable execution of its large order book.

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

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