Larsen & Toubro rose 2.79% to Rs 1,359 at 13:43 IST on BSE after the company said it will buyback 6 crore shares at a maximum price of Rs 1,500 each.
The announcement was made during trading hours today, 23 August 2018.Meanwhile, the S&P BSE Sensex was up 43.93 points, or 0.11% to 38,329.68.
On the BSE, 5.16 lakh shares were traded in the counter so far compared with average daily volumes of 2.48 lakh shares in the past two weeks. The stock had hit a high of Rs 1363.90 and a low of Rs 1320 so far during the day. The stock hit a record high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 1,114.55 on 22 August 2017.
The board of directors of Larsen & Toubro (L&T) at its meeting held today, 23 August 2018, has approved a proposal to buyback up to 6 crore equity shares of the company, being 4.29% of the total paid up equity share capital, at a maximum price of Rs 1500 per equity share for an aggregate amount of Rs 9000 crore.
On a consolidated basis, net profit of Larsen & Toubro rose 43.15% to Rs 1472 crore on 18.78% rise in net sales to Rs 28283.45 crore in Q1 June 2018 over Q1 June 2017.
Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.
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