Larsen and Toubro shares gain over 6% on bourses
Oct 21 2013 , Mumbai
L&T shares ended the day at Rs 925.15, up 6.05 per cent from its previous close on the BSE. During the day, the stock gained 6.47 per cent to Rs 928.80.
The scrip was the top gainer among the 30-bluechip Sensex stocks.
At the NSE, the stock soared 6.20 per cent to close at Rs 926.10.
On the volume front, 10.63 lakh shares of the company changed hands on the BSE, while over 68 lakh shares were traded on the NSE.
"L&T's profit was ahead of street expectation on back of strong execution performance and other income. The stock was up 6 per cent for the day," said Milan Bavishi, Head Research, Inventure Growth and Securities.
L&T had on Friday reported a 14 per cent decline in standalone net profit to Rs 977.51 crore after year-ago earnings had been propped up by a one-time gain.
Profit after tax excluding exceptional and extraordinary items rose 6.85 per cent to Rs 977.51 crore from Rs 914.76 crore.
L&T said the numbers would have been worse had it not been for an increase in overseas orders.
In Q2 of the last fiscal, the company reported net profit of Rs 1,137.31 crore, which included an exceptional gain of Rs 214.29 crore and an extraordinary item of Rs 52.89 crore.
Net sales grew 9.96 per cent to Rs 14,509.51 crore from Rs 13,195.23 crore.