L&T rose 0.23% to Rs 1,538.90 at 10:33 IST on BSE after the company said that L&T Construction has won new orders worth Rs 1577 crore across various business segments in September 2014.
The announcement was made during trading hours today, 22 September 2014.
Meanwhile, the BSE Sensex was down 94.93 points, or 0.35%, to 26,995.49
On BSE, so far 37,599 shares were traded in the counter, compared with an average volume of 2.04 lakh shares in the past one quarter.
The L&T stock recovered in volatile trade. The stock fell 1.24% at the day's low of Rs 1,516.20 so far during the day. The stock rose as much as 0.5% at the day's high of Rs 1,543.05 so far during the day. The stock hit a record high of Rs 1,774.70 on 9 June 2014. The stock hit a 52-week low of Rs 777.10 on 1 October 2013.
The stock had underperformed the market over the past one month till 19 September 2014, rising 0.24% compared with the Sensex's 2.53% rise. The scrip also underperformed the market in past one quarter, falling 7.39% as against the Sensex's 7.49% rise.
The large-cap company has an equity capital of Rs 185.65 crore. Face value per share is Rs 2.
L&T said that in Buildings & Factories Business, L&T Construction has bagged a residential order worth Rs 1231 crore from a private developer for the construction of two residential towers (208 metres and 232 metres) in Mumbai. The towers comprise of three basements, a ground and a podium each with 53 and 60 floors respectively. L&T's scope includes civil, structural, finishing and MEP works.
In Power Transmission & Distribution Business, L&T Construction bagged orders worth Rs 346 crore of which a turnkey order has been received from the Tamil Nadu Transmission Corporation (TANTRANSCO) for the supply, erection, testing and commissioning of a 400 kilovolt (kV) D/C transmission line between Korattur-Thervaikandikai-Manali in Chennai. Another EPC order was received from a private power venture to establish a 400kV double circuit transmission line in Rajasthan and Madhya Pradesh.
The Power Transmission & Distribution Business also bagged a contract from the Power Grid Corporation of India for executing 400/220 kV GIS Substation at Pandiabil in Odisha and is also associated with the eastern region transmission system strengthening scheme. The contract is for onshore supply, installation, construction of civil buildings, testing and commissioning of substation equipment, L&T said.
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 major Indian multinational in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide. L&T Construction is a brand of L&T.
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