L&T surges after securing a large freight corridor project

L&T rose 3.57% to Rs 1,141.70 at 14:57 IST on BSE after the company said its construction division has secured a major order worth Rs 1213 crore from the Dedicated Freight Corridor Corporation of India.

The announcement was made during market hours today, 22 January 2016.

Meanwhile, the S&P BSE Sensex was up 478.36 points or 2% at 24,440.57.

On BSE, so far 2.16 lakh shares were traded in the counter as against average daily volume of 2.58 lakh shares in the past one quarter. The stock hit a high of Rs 1,144.50 and a low of Rs 1,110.30 so far during the day. The stock had hit a record high of Rs 1,892.95 on 4 March 2015. The stock had hit a 52-week low of Rs 1,070 on 19 January 2016. The stock had underperformed the market over the past one month till 21 January 2016, sliding 14.54% compared with Sensex's 6.89% fall. The scrip had also underperformed the market in past one quarter, declining 28.9% as against Sensex's 12.19% fall.

The large-cap company has equity capital of Rs 186.24 crore. Face value per share is Rs 2.

The freight corridor project has been secured by a consortium of L&T and Sojitz Corp., Japan.

On a consolidated basis, L&T's net profit rose 15.6% to Rs 995.90 crore on 10.6% growth in net sales to Rs 23393.22 crore in Q2 September 2015 over Q2 September 2014. The company is scheduled to announce its Q3 December 2015 results on 29 January 2016.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide.

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