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Larsen and Toubro (L&T) has moved higher by nearly 2% at Rs 1,346, extending its 5% rally in the past two trading sessions, on the BSE.
The stock of the heavy engineering major opened at Rs 1,320 and touched a high of Rs 1,349, its highest level since December 2010, on the BSE. A combined 2.21 million shares have changed hands on the counter till 1340 hours on the NSE and BSE.
On April 21, L&T’s general insurance subsidiary L&T General Insurance (LTGI) and Future Generali India Insurance decided to call off the venture, due to 'inordinate delay' in finalising the transaction.
The company said LTGI will continue its focus on expanding its business footprint in the areas of both general and health insurance.
LTGI operates out of 17 branches spread across India and earned gross written premium of Rs 253 crore during the financial year ending 31st March 2014, indicating a growth of 39% over the previous financial year as against an industry growth of 12% for the same period, it added.
Meanwhile, the stock has outperformed the market and nearly doubled from its 52-week low of Rs 678 touched on August 28, compared to a 31% rise in benchmark S&P BSE Sensex.
L&T, the largest engineering and construction company in India, is a direct beneficiary of the strong domestic infrastructure development and industrial capital expenditure boom, said an analyst at Sharekhan in March 31, 2014 report.
The analyst had recommended the stock with a target price of Rs 1,385 on the basis of its sound execution track record, a healthy order book and strong performance of its subsidiaries.
The stock of the heavy engineering major opened at Rs 1,320 and touched a high of Rs 1,349, its highest level since December 2010, on the BSE. A combined 2.21 million shares have changed hands on the counter till 1340 hours on the NSE and BSE.
On April 21, L&T’s general insurance subsidiary L&T General Insurance (LTGI) and Future Generali India Insurance decided to call off the venture, due to 'inordinate delay' in finalising the transaction.
The company said LTGI will continue its focus on expanding its business footprint in the areas of both general and health insurance.
LTGI operates out of 17 branches spread across India and earned gross written premium of Rs 253 crore during the financial year ending 31st March 2014, indicating a growth of 39% over the previous financial year as against an industry growth of 12% for the same period, it added.
Meanwhile, the stock has outperformed the market and nearly doubled from its 52-week low of Rs 678 touched on August 28, compared to a 31% rise in benchmark S&P BSE Sensex.
L&T, the largest engineering and construction company in India, is a direct beneficiary of the strong domestic infrastructure development and industrial capital expenditure boom, said an analyst at Sharekhan in March 31, 2014 report.
The analyst had recommended the stock with a target price of Rs 1,385 on the basis of its sound execution track record, a healthy order book and strong performance of its subsidiaries.
