L&T rose 1.14% to Rs 1,109 at 11:40 IST on BSE after the company said L&T Construction won new orders worth Rs 5220 crore across various business segments in January and February 2014.
The company made the announcement during trading hours today, 28 February 2014.
Meanwhile, the BSE Sensex was up 80.41 points, or 0.38%, to 21,067.40.
On BSE, so far 1.22 lakh shares were traded in the counter, compared with an average volume of 2.14 lakh shares in the past one quarter.
The stock hit a high of Rs 1,113.35 and a low of Rs 1,085 so far during the day. The stock hit a 52-week high of Rs 1,152.40 on 9 December 2013. The stock 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 26 February 2014, rising 9.02% compared with the Sensex's 0.69% fall. The scrip had also outperformed the market in past one quarter, rising 9.45% as against Sensex's 2.75% rise.
The large-cap company has an equity capital of Rs 185.38 crore. Face value per share is Rs 2.
L&T Construction said its water and renewable energy business bagged new orders worth Rs 2019 crore. In the buildings and factories business, new orders worth Rs 1461 crore were received. The power transmission and distribution business, bagged new orders worth Rs 1001 crore. In the heavy civil infrastructure business, new orders worth Rs 739 crore were bagged.
"It has been a productive beginning to the new year and these orders reaffirm our leadership position in our various business verticals," said Mr. S.N. Subrahmanyan, Member of the Board & Senior Executive Vice President (Infrastructure & Construction), L&T. "Although there is still sluggishness in our economy, these orders reflect that there is some positive movement in the infrastructure sector which augurs well for both the country and L&T going forward," he added.
L&T announced during trading hours on Monday, 24 February 2014, that Foreign Investment Promotion Board (FIPB) has approved the proposal for issuance of equity shares, compulsorily convertible preference shares (CCPS)/compulsorily convertible debentures (CCD) of Rs 1000 crore by L&T Infrastructure Development Projects (L&T IDPL) to a wholly-owned subsidiary of CPP Investment Board (USRE III), Inc. which is under incorporation. The investment is subject to finalisation and execution of definitive agreements with the investor and receipt of necessary regulatory and other approvals, L&T said.
L&T IDPL is a subsidiary of L&T and is primarily engaged in public private partnership project in India with business interests spread across sectors involving roads and bridges, ports, metro rail, wind energy and power transmission lines. It has experience in identifying and assessing viability of projects, achieving financial closure, project management, operations and maintenance of infrastructure assets across various sectors as well as divestures.
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London, Hong Kong, New York City and S Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At 30 September 2013, the CPP Fund totalled C$192.8 billion.
L&T's recurring profit after tax rose 12% to Rs 1136 crore on 12% growth in gross revenue to Rs 14534 crore in Q3 December 2013 over Q3 December 2012. L&T said the results are excluding the performance of the hydrocarbon business segment, which has been transferred to a wholly-owned subsidiary of the company with effect from 1 April 2013. Consequently, the figures for the previous periods have been restated to make a like-to-like comparison, L&T said.
L&T's order inflow rose 21% to Rs 21722 crore in Q3 December 2013 over Q3 December 2012, shrugging off prevailing weak investment climate. L&T said the international order inflow during the quarter at Rs 8237 crore, more than doubled on the back of major orders secured in the Middle East. The order backlog rose 13% year-on-year at Rs 171184 crore as on 31 December 2013. International order book constituted 15% of the total order book. L&T has pruned its order inflow forecast for the year ending 31 March 2014, to 15% from 20% earlier due to the poor investment climate in India.
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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