Mumbai: Continuing its rally on the bourses, shares of Larsen and Toubro (L&T) jumped by over 4% in morning trade on Friday, buoyed by the company’s above-market expectation results for the quarter ended 31 March 2011.
The scrip of the infrastructure major rose by 4.63% to touch a high of Rs1,668.90 on the Bombay Stock Exchange (BSE). In the previous trading session, the stock settled 5.92% higher.
On the National Stock Exchange, the stock touched an early peak of Rs1,670, up 4.71% from the previous close.
“L&T profit for fourth quarter FY’11 came above the market expectation,” Bonanza Portfolio senior research analyst Shanu Goel said.
In terms of volume, over 24 lakh shares of the company changed hands on the bourses within the first few minutes of trade.
L&T reported a 17.25% growth in standalone net profit to Rs1,686.21 crore for the quarter ended 31 March 2011.
Meanwhile, according to media reports, RBS and Goldman Sachshas have raised their rating on the Indian engineering and construction major.