L&T shares up 7% on smart earnings

Shares of engineering major Larsen & Toubro gained seven per cent in morning trade today after the company reported 69 per cent increase in standalone net profit for the March quarter.
L&T's stock surged 6.52 per cent to Rs 1,650 -- its 52-week high level on the BSE.
At the NSE, it soared seven per cent to touch its one-year high of Rs 1,655.
The stock was the top gainer among the blue-chips on both the Sensex and Nifty.
Larsen & Toubro had on Friday reported 69 per cent increase in standalone net profit to Rs 2,723.5 crore for the March quarter and said it expects a 20 per cent increase in orders this year.

The country's largest engineering and construction company's net sales in the fourth quarter of 2013-14 climbed to Rs 20,079.10 crore from Rs 18,075.60 crore earlier.
The company's profit growth includes an exceptional gain of Rs 484.11 crore on divestment of stake in subsidiary L&T Finance Holdings, which was listed in 2011.
Its revenue from the infrastructure segment increased 17 per cent to Rs 13,260 crore while income from the heavy engineering business grew 47 per cent.