L&T rose 2.78% to Rs 1032.70 at 9:29 IST on BSE after the company said its order inflow rose 21% to Rs 21722 crore in Q3 December 2013 over Q3 December 2012, shrugging off prevailing weak investment climate.
The company announced Q3 December 2013 results after market hours on Wednesday, 22 January 2014.
Meanwhile, the BSE Sensex was down 26.99 points, or 0.13%, to 21,310.68.
On BSE, so far 80,000 shares were traded in the counter, compared with an average volume of 2.50 lakh shares in the past one quarter.
The stock hit a high of Rs 1,038.45 and a low of Rs 1,010 so far during the day. The stock hit a 52-week high of Rs 1,152.40 on 9 December 2013. The stock hit a 52-week low of Rs 678.10 on 28 August 2013.
The stock had underperformed the market over the past one month till 22 January 2014, sliding 5.35% compared with the Sensex's 1.22% rise. The scrip had, however, outperformed the market in past one quarter, rising 7.49% as against Sensex's 2.27% rise.
The large-cap company has an equity capital of Rs 185.21 crore. Face value per share is Rs 2.
L&T said the international order inflow during the quarter at Rs 8237 crore, more than doubled on the back of major orders secured in the Middle East. The order backlog rose 13% year-on-year at Rs 171184 crore as on 31 December 2013. International order book constituted 15% of the total order book.
L&T has pruned its order inflow forecast for the year ending 31 March 2014, to 15% from 20% earlier due to the poor investment climate in India.
The company's recurring profit after tax rose 12% to Rs 1136 crore on 12% growth in gross revenue to Rs 14534 crore in Q3 December 2013 over Q3 December 2012. L&T said the results are excluding the performance of the hydrocarbon business segment, which has been transferred to a wholly-owned subsidiary of the company with effect from 1 April 2013. Consequently, the figures for the previous periods have been restated to make a like-to-like comparison, L&T said.
L&T said that while the company continues to focus on maximizing the domestic opportunities, it is strengthening its international presence in select overseas markets. Competitive value proposition to the clients and disciplined execution have helped the company sustain its profitable growth momentum, L&T said. Presence in the diverse sectors, healthy order book, proven track record and strong balance sheet are the key enablers for the company to steer through the near to medium challenges and meet its growth aspirations, L&T said in a statement.
L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
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