Moneycontrol
Jun 29, 2012 03:22 PM IST | Source: Moneycontrol.com

L&T surges 4% as arm bags order worth Rs 3042 cr

Engineering and construction major by sales Larsen and Toubro (L&T) shot up over 4% on Friday after its subsidiary L&T Construction secured two orders worth Rs 2,040 crore and Rs 1,002 crore today.

L&T surges 4% as arm bags order worth Rs 3042 cr

Engineering and construction major by sales Larsen and Toubro (L&T) shot up over 4% on Friday after its subsidiary L&T Construction secured two orders worth Rs 2,040 crore and Rs 1,002 crore today.

L&T's subsidiary also completed land buy for its Hyderabad Metro Rail Project, wherein it has invested Rs 500 crore. Company is in talks with equipment vendors for the same project.
 
At 15:13 hours IST, the share was trading at Rs 1,397.50, up 4.20%. Even its trading volumes increased 44% to 4,41,697 equity shares as compared to its 5-day average of 306,229 shares.
 
Market capitalisation of the company currently stands at Rs 85,635.93 crore.
 
Another positive news for the stock is that sources said power ministry has resubmitted proposal for import duty on power equipment. Ministry sought change in countervailing duty to 12% from 10% on power equipment, says sources. Ministry also sought cabinet nod for 12% CVD, 5% customs duty and 4% special additional duty.

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