Larsen & Toubro share soar more than 5 per cent, after receiving an order from Tata Steel
During Wednesday’s trading session, even as Sensex and Nifty were trading negative, the stock of Larsen & Toubro was trading 5 per cent up.
L&T, India's leading engineering, procurement and construction projects, manufacturing, defence and services conglomerate, has received an order to supply 46 units of Komatsu Mining Equipment from Tata Steel. The order comprises of 41 units of Komatsu HD785-7, three units of Komatsu WA900-3E0 and two units of Komatsu D275A-5R.
Reacting to this, the stock of Larsen & Toubro jumped 5.32 per cent and made an intraday high of 1138.80.
The company reported a consolidated net profit of Rs 1410.29 crore in Q2FY21, that fell by 44.73 per cent YoY, as compared to Q2FY20, when it reported a profit of Rs 2551.67 crore. The company reported revenue from operations of Rs 31037.74 crore, for Q2FY21 a decrease of 12.15 per cent, as against Rs 35328.45 crore for Q2FY20.
The stock of L&T has recovered by 72.28 per cent from its sharp decline in March 2020. It has a 52-week high and a 52-week low of Rs 1417.50 per share and Rs 661.05 per share, respectively.
According to BSE data, the stock traded at a P/E multiple of 14.29 and a price-to-book ratio of 2.60.
L&T distributes and supplies equipment to the infrastructure, mining and irrigation sectors.
At 1.26 pm today, the share of Larsen & Toubro was trading at Rs 1134.80 per share on BSE, up by 4.95 per cent.