L&T rose 2.74% to Rs 1,554 at 13:16 IST on BSE after the company said its Malaysia based switchgear subsidiary, Tamco Switchgear, has secured its largest single order of $85 million from Qatar General Electricity and Water Corporation.
The company made the announcement during trading hours today, 2 May 2013.
Meanwhile, the S&P BSE Sensex was up 256.83 points or 1.32% at 19,761.01.
On BSE, 1.71 lakh shares were traded in the counter as against average daily volume of 2.03 lakh shares in the past one quarter.
The stock hit a high of Rs 1,560.50 and a low of Rs 1,501.05 so far during the day. The stock had hit a 52-week high of Rs 1,719.50 on 29 October 2012. The stock had hit a 52-week low of Rs 1,106.40 on 4 June 2012.
The stock had outperformed the market over the past one month till 30 April 2013, surging 10.82% compared with the Sensex's 3.55% rise. The scrip had, however, underperformed the market in past one quarter, declining 3.29% as against Sensex's 2.5% fall.
The large-cap company has equity capital of Rs 123.16 crore. Face value per share is Rs 2.
As part of the order, Tamco Switchgear (Tamco) will manufacture and supply 11kV Vacuum Circuit Breakers (VCBs) over a two-year period to distribution stations across Qatar, L&T said in a statement. Qatar General Electricity and Water Corporation (KAHRAMAA) is the sole distributor of water and electricity in Qatar.
Commenting on the new order, Mr. S C Bhargava, Chairman, Tamco and Senior Vice President & Head of L&T Electrical & Automation said: "We have had split orders for many projects in Qatar in the past. This complete order has come as a testimonial of customer's confidence in our Medium voltage capability to meet the demands of large scale projects".
Tamco Switchgear Malaysia offers electrical distribution and control solutions in the medium and low voltage range to industries and utilities in South-East Asia, Middle East, Africa and Australia with manufacturing facilities in Malaysia, Indonesia and Australia.
L&T's net profit rose 13.1% to Rs 1121.75 crore on 10.3% growth in net sales to Rs 15429.36 crore in Q3 December 2012 over Q3 December 2011.
L&T is a $13.5 billion technology, engineering, construction, manufacturing and financial services conglomerate with global operations.
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