|Hot Pursuit||Thursday, January 10, 2008 15:29 Hrs IST|
L&T drops despite of new order win
The company made this announcement during trading hours today, 10 January 2008.
Meanwhile, BSE Sensex was down 284.23 points or 1.36% to 20,585.55.
On BSE 1.35 lakh shares were traded in the counter. The stock had an average daily volume of 2.98 lakh shares in the past one quarter.
The stock hit a high of Rs 4400 and a low of Rs 4180 so far during the day. The stock hit a 52-week high of Rs 4670 on 1 November 2007 and a low of Rs 1374.90 on 5 March 2007.
The large-cap scrip had underperformed the market over the past one month till 9 January 2008, gaining 1.05% as compared to the Sensexís return of 2.85%. It had outperformed the market in the past one quarter, rising 24.18% as compared to the Sensexís rise of 10.93%.
The companyís current equity is Rs 58.37. Face value per share is Rs 2.
The current price of Rs 4220 discounts Q2 September 2007 annualized EPS of Rs 48.54 PE multiple of 86.94.
Larsen & Toubro (L&T) has bagged an order worth Rs 2000 crore from Kingston Properties for construction of various office & residential buildings in Mumbai, which is to be developed in a span of 4 years. The other order is worth Rs 665 crore from Cognizant Technology for its development centers in Chennai and Kolkatta.
The company has bagged an order worth Rs 187 crore from ITC Hotels for construction of 1.52 million square feet area to house 600 rooms in Chennai. It has also secured an order worth Rs 408 crore contracts from ICICI Bank for construction of an office building at Hyderabad. L&T has also bagged an order worth Rs 300 crore from CSJ Infrastructure for construction of three million square feet building at Chandigarh for development of malls, office space and hotel.
L&T's engineering, construction, and contracts (ECC) division has bagged worth approximately Rs 12,500 crore including Mumbai International Airport (MIAL) contract.
On 26 December 2007, L&Tís subsidiary L&T Oman LLC secured an order worth $110.37 million from Muscat Golf Course Project LLC.
On 19 November 2007, the company secured a contract worth Rs 275 crore from Delhi Metro Railway Corporation in consortium with Shanghai Urban Construction.
L&Tís net profit rose 73% to Rs 348.02 crore on 47.4% growth in net sales to Rs 5499.94 crore in Q2 September 2007 over Q2 September 2006.
The company manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys.