Larsen and Toubro shares jump 3.55% on robust June qtr earnings

New Delhi: Shares of Larsen and Toubro (L&T) on Wednesday jumped 3.55 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 3.30 per cent to settle at Rs 2,646.55 on the BSE. During the day, it jumped 4.35 per cent to reach its 52-week high of Rs 2,673.60 on the BSE.

At the NSE, it gained 3.55 per cent to end at Rs 2,652. During the day, it rallied 4.41 per cent to hit its 52-week peak of 2,673.85.

The company's market valuation jumped from Rs 11,891.15 crore to Rs 3,71,991.86 crore, helped by the rally in the stock.

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

In traded volume terms, 2.34 lakh shares of the company were traded at the BSE and over 58.20 lakh shares on the NSE during the day.

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 the execution of a healthy order book in its projects and manufacturing portfolio.

The company's board has approved the buyback 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.