L&T extends gain; shares up over 5%

Continuing gains for the second straight session, shares of Larsen & Toubro (L&T) today soared over 5 per cent, boosted by better-than-expected fourth quarter results.

The scrip, which opened the day on a weaker note, recovered all the initial losses and finally settled at Rs 1,222.50, up 5.41 per cent on the BSE. During the day, the stock surged 6.39 per cent to Rs 1,234.

At the National Stock Exchange (NSE), the stock closed at Rs 1,219.50, up 5.18 per cent.

"L&T saw good buying as sentiments improved for the counter on better-than-expected Q4 FY12 results," Shanu Goel Research Analyst Bonanza Portfolio said.

The counter was the best performer among the 30-Sensex bluechips.

On the volume front, 9.22 lakh shares were traded on the BSE, while over 49 lakh shares changed hands on the NSE.

L&T yesterday 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.

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