Larsen & Toubro (L&T) shares jumped on Monday after reporting solid set of quarterly numbers and improving business outlook.
The company announced a rise of 69.17% in net profit to Rs 27.23 billion for the quarter ended Mar. 31, 2014. Analysts, on average, had expected L&T to report a profit of Rs 17 billion.
Net sales of the company rose 11.08% to Rs 200.79 billion for the quarter ended Mar. 31, 2014 from Rs 180.76 billion in the year ago period. Market was expecting profit to come at Rs 209.6 billion. Order book was at Rs 1,629.52 billion as on Mar. 31, 2014, grew 13% on a y-o-y basis.
AM Naik, group chairman of engineering and construction giant said Friday the company is expecting a revenue growth of 15% in financial year 2015. He said order intake will grow by 20%.
Shares of Larsen & Toubro are trading at Rs 1,616.50, up Rs 67.6, or 4.36% at the Bombay Stock Exchange (BSE) on Monday at 10:10 a.m.
The scrip has touched an intra-day high of Rs 1,649 and low of Rs 1,603. The total volume of shares traded at the BSE is 160,820. In the earlier session, the shares fell 0.1%, or Rs 1.5, at Rs 1,548.90.
Currently, the stock is trading down 0.38% from its 52-week high of Rs 1,622.70 and above 138.39% over the 52-week low of Rs 678.10.