L&T Technology slips on profit taking

L&T Technology Services lost 2.11% to Rs 1,081.50 at 12:48 IST on BSE, with the stock sliding on profit booking after recent rally.

Meanwhile, the S&P BSE Sensex was down 145.21 points or 0.44% at 32,724.51.

On the BSE, 4,311 shares were traded on the counter so far as against average daily volumes of 6,578 shares in the past one quarter. The stock had hit a high of Rs 1,096.20 and a low of Rs 1,055.05 so far during the day. The stock had hit a record high of Rs 1,124.40 on 4 December 2017 and a record low of Rs 671 on 13 June 2017.

The stock had outperformed the market over the past one month till 4 December 2017, surging 30.01% compared with the Sensex's 2.42% fall. The stock had also outperformed the market over the past one quarter, gaining 40.51% as against the Sensex's 3.68% rise. The scrip had also outperformed the market over the past one year, advancing 30.54% as against the Sensex's 25.31% rise.

The large-cap company has equity capital of Rs 20.45 crore. Face value per share is Rs 2.

Shares of L&T Technology Services had rallied 21.14% in the preceding seven trading sessions to settle at Rs 1,104.80 yesterday, 4 December 2017, from its closing of Rs 912 on 23 November 2017.

On a consolidated basis, L&T Technology Services' net profit rose 9.9% to Rs 123 crore on 9.5% growth in net sales to Rs 900.60 crore in Q2 September 2017 over Q2 September 2016.

L&T Technology Services provides engineering, research and development (ER&D) services to manufacturing, technology and process engineering companies, to help them develop and build products, processes and infrastructure required to deliver products and services to their end customers.

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