The company announced the new orders before market hours today, 26 February 2009.
Meanwhile, the BSE Sensex was down 78.76 points, or 0.88%, to 8,823.80.
On BSE, 2.49 lakh shares were traded in the counter. The stock had an average daily volume of ten lakh shares in the past one quarter.
The stock hit a high of Rs 630 and a low of Rs 616 so far during the day. The stock hit a 52-week high of Rs 1847.50 on 29 February 2008 and a 52-week low of Rs 605.10 on 24 February 2009.
The large-cap stock had underperformed the market over the past one month till 25 February 2009, falling 4.43% as compared to the Sensex's rise of 2.63%. It had also underperformed the market in the past one quarter, declining 16.81% as compared to the Sensex's 2.38% rise.
The company's current equity is Rs 117.12 crore. Face value per share is Rs 2.
The current price of Rs 620.50 discounts the company's Q3 December 2008 annualized EPS of Rs 103.90, by a PE multiple of 5.97.
The company has bagged two orders aggregating to Rs 1162 crore. One of the two orders is valued at Rs 605 crore bagged from Andhra Pradesh Rajiv Swagruha Corporation for construction of a township comprising 3517 flats at Bachupally in Hyderabad. The project is to be executed within 24 months.
Another order is valued at Rs 557 crore bagged from two major players for the construction of cement plants and other strategic factory buildings.
L&T had on 24 February 2009 bagged three order aggregating to Rs 1438 crore.
Meanwhile, Larsen & Toubro (L&T), the largest shareholder in Satyam Computer Services with a 12% stake and seen as a leading contender to buy the firm, said on Wednesday it would stay invested in the fraud-hit outsourcer after it is sold. L&T chairman A M Naik on Wednesday said L&T would take a decision on whether to bid for Satyam after seeing the guidelines set by the board for expressions of interest. The Satyam board is meeting at its headquarters on Thursday, 26 February 2009, and is expected to finalize bidding guidelines.
Naik had said late last week that L&T was studying details of the Company Law Board (CLB) order on the bidding process for acquiring fraud hit IT firm Satyam Computer Services. Only after studying the details, L&T will take a decision, he had said.
The CLB after market hours on 19 February 2009 allowed the government-appointed board of Satyam to bring in a strategic investor through an open bidding process. For this purpose, the CLB also permitted the board to increase the authorized share capital and issue preferential shares.
L&T is a strong contender for acquiring Satyam after it raised its stake in the outsourcer to 12%. Other potential suitors for buying strategic stake in Satyam include Tech Mahindra, the Spice Group and the Hinduja Group. The Satyam board has been directed to devise a mechanism for transparent, open and competitive process without furthering the interest of any particular acquirer. This does not bode well for L&T.
L&T had acquired 4% in Satyam at Rs 174 per share before Satyam's founder B Ramalinga Raju admitted on 7 January 2009 of a Rs 7,000-crore accounting fraud at the IT firm. L&T later had to hike its stake in Satyam to 12% as the initial cost of investment in Satyam was at risk after the Satyam stock tumbled hit by Raju's confession of the fraud on 7 January 2009.
L&T's average acquisition price of around 12% stake in Satyam dipped to Rs 80 a share from the Rs 174, it paid earlier. But even the lower average price is much higher than the current ruling share of Rs 45 of Satyam.
L&T, India's biggest engineering and construction firm by revenue, reported a 215.6% surge in net profit to Rs 1520.44 crore on 34.9% rise in net sales to Rs 8615.59 crore in Q3 December 2008 over Q3 December 2007. The profit included an extraordinary gain of Rs 916.33 crore from sale ready-mix concrete business.
L&T's buildings and factories segment, a part of its construction division, bagged orders aggregating to Rs 1100 crore in the quarter ended December 2008.
The company manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys.
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