Latest News | Larsen and Toubro Shares Jump over 4 Pc After June Quarter Earnings

New Delhi, Jul 26 (PTI) Shares of Larsen and Toubro (L&T) on Wednesday jumped over 4 per cent after the company posted a 36 per cent rise in net profit to Rs 3,116.12 crore in the June quarter.

The stock climbed 4.21 per cent to reach its 52-week high of Rs 2,670 on the BSE.

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At the NSE, it gained 4.26 per cent to hit its 52-week peak of 2,670.

The stock emerged as the biggest gainer on both the BSE Sensex and NSE Nifty.

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Infrastructure major Larsen and Toubro on Tuesday posted a 36 per cent rise in net profit to Rs 3,116.12 crore in the June quarter, mainly aided by execution of a healthy order book in its projects and manufacturing portfolio.

The company's board has approved buy back of shares worth up to Rs 10,000 crore.

According to a regulatory filing, the total income increased to Rs 49,027.93 crore in the first quarter of the current fiscal from Rs 36,547.92 crore in the year-ago period.

It had a net profit of Rs 2,293.01 crore in the corresponding period of 2022-23.

L&T's expenses in the June quarter rose to Rs 44,695.56 crore from Rs 33,619.24 crore a year ago.

The Board of Directors of the company has approved a proposal to buy back shares worth up to Rs 10,000 crore, excluding tax on the buyback.

The proposal is subject to the approval of shareholders.

Further, the board has cleared a special dividend of Rs 6 per equity share.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)