L&T gained 1.71% to Rs 2,711.50 at 14:30 IST on BSE after the company said that it has commissioned gas turbines in open cycle for two large gas-based power projects in Bangladesh in quick succession in March 2017.
The announcement was made during market hours today, 7 April 2017.Meanwhile, the S&P BSE Sensex was down 54.39 points or 0.18% at 29,875.37.
Higher than usual volumes were traded on the counter. On the BSE, 3.69 lakh shares were traded on the counter so far as against the average daily volumes of 1.5 lakh shares in the past one quarter. The stock had hit a high of Rs 1,719.45 in intraday trade, which is also 52-week high for the stock. The stock had hit a low of Rs 1,670 so far during the day. The stock had hit a 52-week low of Rs 1,177 on 7 April 2016.
The stock had outperformed the market over the past one month till 6 April 2017, gaining 13.53% compared with Sensex's 3.03% gains. The scrip had also outperformed the market in past one quarter, advancing 20.95% as against Sensex's 11.84% rise.
The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.
L&T said that the first 150 megawatts (MW) gas turbine for Bangladesh Power Development Board (BPDB)'s 225 MW combined cycle (dual fuel) power plant at Sikalbaha in Chittagong district was synchronised with the national grid on 25 March 2017.
The second 280 MW gas turbine for North West Power Generation Co (NWPGCL) combined cycle power plant of 360 MW capacity development project at Bheramara in Kushtia district was synchronised with the grid on 31 March 2017.
Both these power plants are being executed by gas based power projects business unit of L&T Power based in Baroda, India. L&T Power is also executing an engineering, procurement and construction subcontract for another 400 MW gas based power plant at Bibiyana in Sylhet district, Bangladesh. It will be ready for commissioning in 2018-19.
L&T's consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
