L&T declined 3.95% to Rs 1,413.50 at 15:20 IST on BSE after consolidated net profit rose 16% to Rs 996 crore on 11% rise in gross revenue to Rs 23605 crore in Q2 September 2015 over Q2 September 2014.
The company announced results during market hours today, 30 October 2015.
Meanwhile, the S&P BSE Sensex was down 160.26 points or 0.6% at 26,677.88.
Huge volumes were witnessed on the counter. On BSE, so far 9.16 lakh shares were traded in the counter as against average daily volume of 2.05 lakh shares in the past one quarter.
The stock hit a low of Rs 1,400, which is also a 52-week low for the stock. The stock hit a high of Rs 1,498 in intraday trade. The stock had hit a record high of Rs 1,892.95 on 4 March 2015.
The stock had underperformed the market over the past one month till 29 October 2015, gaining 1.61% compared with Sensex's gain of 4.11%. The scrip had also underperformed the market in past one quarter, declining 17.77% as against Sensex's 2.63% fall.
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The large-cap company has equity capital of Rs 186.13 crore. Face value per share is Rs 2.
L&T's bottom line in Q2 September 2015 was boosted by exceptional item. There was an exceptional gain of Rs 309.57 crore in Q2 September 2015 on divestment of part stake in a subsidiary company and stake in an associate company. L&T said international revenue during Q2 was at Rs 7658 crore and constituted 32% of the total revenue.
L&T secured fresh orders worth Rs 28620 crore at the group level in Q2 September 2015. The international order inflow during Q2 was at Rs 10973 crore and constituted 38% of the total order inflow. Major orders during Q2 were secured by the infrastructure segment. The consolidated order book for the group rose 14% at Rs 244097 crore as at 30 September 2015 compared with order book as on 30 September 2014. International order book constituted 28% of the consolidated order book.
L&T said that domestic and global macro economic developments indicate it may take further time for significant pick up in business opportunities. Given large order book, the company is focusing on profitable execution and is optimistic about sustaining the performance in the near term and also its potential to gain from the emerging prospects as the economic environment improves.
L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide.
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