Large order from Qatar boosts L&T

L&T rose 1.84% to Rs 1083 at 11:31 IST on BSE after the company said that its power transmission & distribution business has secured a prestigious major international EPC order worth Rs 2935 crore from Qatar General Electricity & Water Corporation.

The new order was announced during trading hours today, 18 December 2013.

Meanwhile, the S&P BSE Sensex was up 189.69 points or 0.92% at 20,801.83.

On BSE, so far 91,000 shares were traded in the counter as against average daily volume of 3.05 lakh shares in the past one quarter.

The stock hit a high of Rs 1,087 and a low of Rs 1,060.30 so far during the day. The stock had hit a 52-week high of Rs 1,152.40 on 9 December 2013. The stock had hit a 52-week low of Rs 678.10 on 28 August 2013.

The stock had outperformed the market over the past one month till 17 December 2013, advancing 13.19% compared with the Sensex's 1.04% rise. The scrip had also outperformed the market in past one quarter, jumping 29.38% as against Sensex's 4.08% rise.

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

L&T's power transmission & distribution business has secured a prestigious major international EPC (engineering, procurement, construction) order valued at Rs 2935 crore from Qatar General Electricity & Water Corporation (KAHRAMAA) for supply, construction and commissioning of 18 EHV (extra high voltage) substations and 151 KM of EHV cabling in Qatar.

This order is part of the Qatar Power Transmission System Expansion - Phase XI -State I and is the single largest order for the company in the Power Transmission & Distribution business. The project is scheduled to be completed in 22 months, L&T said in a statement.

Commenting on the order, Mr. S.N. Subrahmanyan, Member of the Board and Senior Executive Vice President (Infrastructure & Construction), L&T said, "This order, won against stiff global competition reconfirms L&T's leadership position in this sector at GCC. It also aligns well with L&T's expansion plan in the international arena".

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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