L&T recovers

A higher tax payment indicates higher net profit of the company in the quarter.

Meanwhile, BSE Sensex was up 217.72 points or 1.47% to 15,027.21, tracking recovery in Asian markets. Reports that some of the top Indian corporates have paid higher advance tax in the fourth installment of 15 March 2008, also supported the market as the higher tax payments raised expectations of good Q4 March 2008 results.

On BSE, 2.43 lakh shares were traded in the counter. The scrip had an average daily volume of 2.19 lakh shares in the past one quarter.

The stock hit a high of Rs 2809.90 and a low of Rs 2690 so far during the day. The stock had a 52-week high of Rs 4670 on 1 November 2007 and a 52-week low of Rs 1432 on 19 March 2007.

The large-cap scrip had underperformed the market over the past one month till 17 March 2008, declining 23.56% compared to the Sensex`s fall of 18.25%. It had also underperformed the market in the past one quarter, declining 31.86% compared to Sensex`s decline of 22.38%.

The company`s current equity is Rs 58.43 crore. Face value per share is Rs 2.

The current price of Rs 2775 discounts its Q3 December 2007 annualized EPS of Rs 66.03, by a PE multiple of 42.03.

Earlier today, Larsen & Toubro (L&T) said its heavy engineering division has bagged an order worth 28 million Euros from Hebi Coal & Electricity Co, China for supplying coal gasifier & syngas cooler assembly

On 5 March 2008, L&T bagged three orders for transmission line projects totaling Rs 458 crore.

On 14 February 2008, the company bagged an order worth Rs 311 crore from Qatar General Electricity and Water Corporation for design, supply, installation and commissioning of five 66/11 substations at Qatar.

On 21 January 2008, L&T`s engineering division bagged an export order worth Rs 1695 crore for manufacturing and supplying 22 hydrocracker & atmospheric residue desulphurisation reactors.

L&T`s net profit rose 40.1% to Rs 481.79 crore on 55.1% growth in net sales to Rs 6382.68 crore in Q3 December 2007 over Q3 December 2006.

The company manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys.