The company made this announcement during market hours today, 9 July 2009
Meanwhile, the BSE Sensex was up 19.41 points, or 0.17%, to 13786.57
On BSE, 5.88 lakh shares were traded in the counter. The scrip had an average daily volume of 9.04 lakh shares in the past one quarter.
The stock hit a high of Rs 1440 and a low of Rs 1370.10 so far during the day. The stock had hit a 52-week high of Rs 1800 on 8 June 2009 and a 52-week low of Rs 557 on 9 March 2009.
The large-cap stock had underperformed the market over the past one month till 8 July 2009, declining 4.47% as compared to the Sensex's 8.98% fall. However it outperformed the market in the past one quarter, advancing 75.20% as compared to the Sensex's return of 27.45%.
India's largest engineering and construction company by revenue has an equity capital of Rs 117.25 crore. Face value per share is Rs 2.
The current price of Rs 1394 discounts the company's year ended March 2009 EPS of Rs 59.44, by a PE multiple of 23.45
AM Naik had sold the shares on 30 June 2009, Larsen and Toubro (L&T's) filing on the BSE said. However, the mode of transaction was not disclosed by the company. Post the stake sale, AM Naik now holds a 0.35% stake or 20.75 lakh shares of L&T. Earlier AM Naik cut his stake in L&T to 0.36% by offloading over 95,000 shares in four transactions between 5 and 10 June 2009.
On 1 July 2009, L&T bagged two orders aggregating Rs 651 crore in the hydrocarbon sector. One of the two orders valued at Rs 440 crore is for construction work for a green field refinery project at Bhatinda being set up by HPCL-Mittal Energy. Another order valued at Rs 211 crore is from Engineers India for the supply and construction of a reactor and regenerator systems.
Notwithstanding a slowdown in the Indian capital goods and infrastructure sectors, L&T's order intake rose 23% to Rs 51621 crore in the year ended March 2009 (FY 2009). The order book stood at Rs 70319 crore as on 31 March 2009, which is twice its revenue of Rs 34045 crore in FY 2009, giving a strong revenue visibility.
Late last month L&T sold its entire 11.5% stake in Aditya Birla Group-owned UltraTech for Rs 1037 crore to a handful of financial investors. The cash infusion of Rs 1037 crore from the stake sale will reportedly find its way into Larsen & Toubro's plans to expand in the nuclear, defence and thermal power arenas and is part of the fund raising plan for the current fiscal.
L&T will unveil its Q1 June 2009 results on 16 July 2009. The company's net profit rose 3.3% to Rs 998.52 crore in Q4 March 2009 over Q4 March 2008. Profit rose on a strong order flow of infrastructure contracts. The company made a provision of Rs 185 crore for its diminution in value of its investment in Satyam Computer Services. Net sales rose 23.60% to Rs 10835.79 crore in Q4 March 2009 over Q4 March 2008.
L&T manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys.
09 Jul 2009 |
2 comments:
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