The shares of India’s largest infrastructure company soared 4 percent to a 52-week high of Rs 3,009 per share on Tuesday after the company revised its share buyback offer to Rs 3,200 from Rs 3,000 following a jump in its stock price over the previous month.
At 10:30 a.m., On the National stock exchange, Larsen & Toubro Ltd shares were trading at Rs 2,977.70 per share, up Rs 84.10 or 2.89 percent from the previous close price. The company has a market capitalization of Rs 4,19,570 crore.
According to the company’s exchange filing, The company has increased the buyback price from Rs. 3,000 to Rs. 3,200 per equity share, and the maximum number of equity shares proposed to be bought back by the company has been reduced from 3,33,33,333 fully paid-up equity shares to 3,12,50,000 equity shares, representing 2.22 percent of the Company’s total paid-up equity shares.
On July 25, L&T announced a Rs 10,000 crore share buyback offer following its June quarter results. Since then, the stock has increased over 16 percent to an all-time high.
Larsen & Toubro Ltd shares have delivered a 52 percent return in the last six months and 40 percent in the last year.
The Company’s return on equity increased from 10.52 percent in FY22 to 11.72 percent in FY23, while the return on capital employed rose from 10.91 percent to 11.99 percent during the same period.
The company’s revenue has increased by 33 percent year on year, from Rs 35,853 crore in Q1FY23 to Rs 47,882 crore in Q1FY24. During the same period, Net profit has significantly increased by 35 percent from Rs 2,293 crore to Rs 3,116 crore.
According to the latest shareholding pattern, Foreign institutional investors hold 25.29 percent of the company, while Domestic institutional investors hold 38.37 percent of the company, and retail investors hold 36.34 percent stake.
Larsen & Toubro Ltd is a multinational conglomerate that primarily provides engineering, procurement, and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology, and Financial Services in both domestic and international markets.
Written by Omkar Chitnis
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