L&T lost 1.15% to Rs 1095.50 at 11:44 IST on BSE, with the stock sliding on profit booking after recent rally after the company said its Transportation Infrastructure Business has secured a prestigious International order worth Rs 1550 crore in Oman.
The company announced the new order during trading hours today, 3 March 2014.
Meanwhile, the S&P BSE Sensex was down 12.69 points or 0.06% at 21,107.43.
On BSE, so far 52,000 shares were traded in the counter as against as against average daily volume of 2.15 lakh shares in the past one quarter.
The stock hit a high of Rs 1,103 and a low of Rs 1,087 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 28 February 2014, advancing 12.59% compared with the Sensex's 2.11% rise. The scrip had also outperformed the market in past one quarter, jumping 8.3% as against Sensex's 2.85% rise.
The large-cap company has equity capital of Rs 185.38 crore. Face value per share is Rs 2.
Shares of L&T had rallied 12.39% in ten trading sessions to settle at Rs 1108.30 on Friday, 28 February 2014, from a recent low of Rs 986.10 on 13 February 2014.
L&T said its Transportation Infrastructure Business has bagged a prestigious international order worth Rs 1550 crore from the Ministry of Transport and Communications, Sultanate of Oman, for the construction of a road between Bidbid-Sur Section (Second Phase, First Part).
The scope of L&T's works involves widening of the existing 76 km two-lane road into three-lane dual carriageway, the construction of 10 arch type interchanges, 5 two-cell vehicular underpasses, 7 single-cell pedestrian underpasses and 15 kilometers of linked and service roads along the stretch. The project is scheduled to be completed in 38 months, L&T said in a statement.
On winning this unique road project in Oman, Mr. S.N. Subrahmanyan, Member of the Board and Sr. EVP (Infrastructure and Construction), Lea, said, "This order augers well for L&T's business expansion plans in the infrastructure space in the GCC markets. L&T has been making significant strides in the transportation infrastructure sector both in the International and domestic markets through our well-established capabilities in design, engineering and project execution with top class quality and safety standards".
L&T's net profit rose 10.6% to Rs 1240.70 crore on 11.8% growth in net sales to Rs 14387.51 crore in Q3 December 2013 over Q3 December 2012.
L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. L&T Construction is a brand of Larsen & Toubro.
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