MUMBAI: Shares of Larsen & Toubro (L&T) rose by nearly 2 per cent on the bourses after the engineering and construction major reported a growth of 13.89 per cent in standalone net profit for the quarter ended March 31, 2012.
Defying a weak broader market, shares of the company settled 1.84 per cent higher at Rs 1,159.80 on the BSE. During the day, the scrip had gained 5.16 per cent to Rs 1,197.70.
At the National Stock Exchange (NSE), the stock closed at Rs 1,156.25, up 1.60 per cent.
"Larsen & Toubro shares gained as the company reported a better-than-expected quarterly results," Sharmila Joshi Head Equity Fairwealth Securities said.
L&T counter was the best performer among the 30-Sensex bluechips.
In terms of volume, 16.08 lakh shares of the company changed hands on the BSE, while over 66 lakh shares were traded on the NSE.
L&T today reported a growth of 13.89 per cent in its standalone net profit at Rs 1,920.41 crore for the quarter ended March 31, 2012, largely on the back of improved order inflows.
The company had reported a net profit of Rs 1,686.21 crore during the corresponding quarter last fiscal.
The company Board has recommended a dividend of Rs 16.50 per share.
In the broader market, the BSE barometer Sensex ended at 16,215.84, down 77.14 points.
Source: PTI
