L&T shares gain nearly 3 pc on Q3 results

Shares of Larsen & Toubro on Thursday jumped nearly 3 per cent, a day after the engineering major posted a 15 per cent rise in consolidated net profit for December 2019 quarter.

Intra-day, the stock touched a high of Rs 1,339.50, up 3.49 per cent on the BSE. Later, it gave up some early gains to close 2.98 per cent higher at Rs 1,332.80.

On the NSE, the scrip rose 3.52 per cent to hit a high of Rs 1,339.85 during the day. It settled with a gain of 2.80 per cent at Rs 1,330.45.

In terms of volume, 7.41 lakh shares were traded on the BSE, while over 1 crore shares changed hands on the NSE.

On the BSE, the spurt in volume was more than 9.07 times during the day.

The company on Wednesday reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019, helped by higher revenues from international contracts.

It had posted a consolidated profit after tax of Rs 2,218.68 crore in the same period a year ago.

Its total income during October-December increased to Rs 36,717.60 crore as against Rs 34,823.08 crore in Q3 FY19.