L&T fell 1.52% to Rs 1,501.15 at 14:52 IST on BSE after the company signed contract for 225 megawatt Sikalbaha gas based power plant in Bangladesh.
The announcement was made during market hours today, 26 August 2014.
Meanwhile, the S&P BSE Sensex was down 80.70 points or 0.31% at 26,356.32
On BSE, so far 90,317 shares were traded in the counter as against average daily volume of 2.30 lakh shares in the past one quarter.
The stock was volatile. The stock declined as much as 2.25% at the day's low of Rs 1,490 so far during the day. The stock fell as much as 0.03% at the day's high of Rs 1,523.80 so far during the day.
The stock had underperformed the market over the past one month till 25 August 2014, falling 7.97% compared with 1.19% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.84% as against Sensex's 7.06% rise.
The large-cap company has an equity capital of Rs 185.65 crore. Face value per share is Rs 2.
Larsen & Toubro (L&T) and Bangladesh Power Development Board (BPDB) have signed a contract on 24 August 2014 to set up a 225 megawatt, gas-based power plant in Sikalbaha, Chittagong in Bangladesh. The contract, which is valued at about $200 million, was secured by L&T in May 2014.
Four development partners of Government of Bangladesh from the Middle-East (Saudi Arabia, Kuwait, UAE and OPEC Fund) will finance the project with a fund of approximately $167 million.
L&T's scope includes design, detailed engineering, supply, installation and commissioning of the power plant on a turnkey basis. L&T-Sargent and Lundy, a subsidiary of L&T, will carry out the plant integration and detailed engineering.
L&T's consolidated net profit jumped 110.8% to Rs 966.89 crore on 10.1% growth in net sales to Rs 18974.75 crore in Q1 June 2014 over Q1 June 2013.
L&T is a $14.3 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
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