Engineering and construction major Larsen & Toubro (L&T) today surged by over 1 per cent on the BSE amid media reports that its non-banking finance arm plans to raise up to Rs 700 crore through tax-free infrastructure bonds by December, 2010.
Shares of L&T rose 1.05 per cent in early trade to touch a one-month high of Rs 1,924 on the Bombay Stock Exchange.
The scrip witnessed a similar upsurge on the National Stock Exchange, gaining 1.07 per cent to Rs 1,925 in early trade.
According to media buzz, the company's subsidiary, L&T Infrastructure Finance, will raise Rs 700 crore and SBI Capital, JM Financial and ICICI Securities will be the bankers to the issue.
Meanwhile, the broader gauge Sensex was also trading higher by 138.82 points at 19,347.15.