L&T Infotech hits lowest level since listing
Post listing, the stock underperformed the market by falling nearly 9% as compared to 1% rise in the Sensex.
 "L&T Infotech (Photo: Wikipedia)")
L&T Infotech (Photo: Wikipedia)
Larsen & Toubro (L&T) Infotech was down 1% at Rs 638, trading at its lowest level since listing in July this year.
The stock is currently quoting 10% below its initial public offer (IPO) price of Rs 710. The company issued shares at Rs 710, a discount of Rs 10 per equity share, to retail investors.
Larsen and Tourbo’s information technology arm, L&T Infotech, had made a lukewarm stock market debut on July 21, 2016, with its shares dropping a little over 6% from its IPO price.
Post listing, the stock underperformed the market by falling nearly 9% from Rs 698, as compared to 1% rise in the S&P BSE Sensex. The S&P BSE Information Technology index decline 0.12% during the same period.
The stock hit a high of Rs 715 on the NSE on August 5, in intra-day trade.
L&T Infotech on July 28, posted a consolidated net profit of Rs 236 crore for the three month ended June 30, up 35.9% from a year-ago period. Total income grew 14.8% to Rs 1,593, compared with the corresponding period last year. Sequentially, the net profit was up 3.2%, while total income declined 0.9%.
Revenue in constant currency terms declined 0.3% sequentially, while it grew 12.1% over the last year.
Till 01:51 pm, a combined 180,309 equity shares changed hands on the BSE and NSE.
The stock is currently quoting 10% below its initial public offer (IPO) price of Rs 710. The company issued shares at Rs 710, a discount of Rs 10 per equity share, to retail investors.
Larsen and Tourbo’s information technology arm, L&T Infotech, had made a lukewarm stock market debut on July 21, 2016, with its shares dropping a little over 6% from its IPO price.
Post listing, the stock underperformed the market by falling nearly 9% from Rs 698, as compared to 1% rise in the S&P BSE Sensex. The S&P BSE Information Technology index decline 0.12% during the same period.
The stock hit a high of Rs 715 on the NSE on August 5, in intra-day trade.
L&T Infotech on July 28, posted a consolidated net profit of Rs 236 crore for the three month ended June 30, up 35.9% from a year-ago period. Total income grew 14.8% to Rs 1,593, compared with the corresponding period last year. Sequentially, the net profit was up 3.2%, while total income declined 0.9%.
Revenue in constant currency terms declined 0.3% sequentially, while it grew 12.1% over the last year.
Till 01:51 pm, a combined 180,309 equity shares changed hands on the BSE and NSE.
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First Published: Aug 24 2016 | 1:52 PM IST