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L&T turns volatile after winning orders

Capital Market 

The construction arm of L&T has secured "significant" orders from prestigious clients across various Indian states for its varied businesses.

Shares of L&T were currently down 1.77% at 1290.30. The stock fell 0.05% at the day's high of 1312.9. It fell 2.06% at the day's low of Rs 1286.55.

The power transmission and distribution of L&T has secured various orders both in India and overseas. The transportation infrastructure business of L&T has secured a major add-on order from an existing client in Qatar for an Expressway. The announcement was made during market hours today, 4 December 2019.

As per the company's classification, the valuation of the "significant" orders received lies between Rs 1,000 to Rs 2,500 crore.

The construction company reported 13.3% rise in consolidated net profit to Rs 2,527.26 crore on 15.2% increase in net sales to Rs 35,328.45 crore in Q2 September 2019 over Q2 September 2018.

On the technical front, the stock's RSI (relative strength index) stood 26.82. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day and 200-day moving average (DMA) placed at Rs 1417.11 and Rs 1399.57.

L&T has been under pressure lately. From its closing high of Rs 1392.70 on 22 November 2019, the scrip has corrected by 7.35% in eight session to currently trade at Rs 1290.30.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 04 2019. 12:05 IST