On Wednesday, the shares of India’s largest infrastructure company rose 4.2% to a 52-week high of Rs 2,673.85 a share, with a market capitalization of Rs 3,71,949 crores.
Larsen & Toubro Limited shares were trading at Rs 2,646.50 on the National Stock Exchange at 3:00 p.m., up 3% from the previous close price. with a market capitalization of Rs 3,71,949 crores.
Here are the reasons behind Larsen & Toubro Ltd hit a 52-week high today.
As per company’s Exchange filing,Larsen & Toubro profit grew 46.5 percent to Rs 2,493 crore in Q1 FY24, up from Rs 1,702 crore in the same period previous year. Its operating income for the quarter was Rs 47,882 crore, up 33.6 percent from Rs 35,853 crore the previous year.In addition,Company board of directors has approved the followings,
● To buy back 3.3 crore shares, or 2.4 percent of its equity, via tender offer at a price of up to Rs 3,000 per share for a maximum consideration of Rs 10,000 crore.
● For fiscal year 2023-24, a special dividend of Rs 6 per share, or 300 percent of the face value of Rs 2 per share.The record date for determining equity shareholder entitlement for dividend would be Wednesday, August 2,2023. This will be paid on or before August 14, 2023.
● Board approved a Rs 506 crore investment in its subsidiary L&T Energy Green Tech Ltd (LTEGL) as well as an agreement to buy the entire 40 percent of the stake held by Sapura Nautical Power Pte in their joint venture L&T Sapura Offshore Private Ltd (LYSOL).as per filing,”4,000 equity shares are proposed to be acquired at a price of Rs 10 each for a consideration of Rs 40,000,”The remaining 60 percent stake is held by L&T.
● To establish a green energy joint venture firm with an initial subscribed capital of Rs 1 crore.
Larsen & Toubro Limited (L&T) is a company that specialises in engineering, construction, and manufacturing. The firm has both a domestic and worldwide presence. The company also operates in the Power, Infrastructure, Electrical & Electronics, and Defence sectors.
Company’s stock has gained 47.61 percent in the last year and 22.79 percent in the previous six months.
Written by Omkar Chitnis
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