L&T shares rally 6%; m-cap up Rs 11,759.79 cr

Shares of Larsen & Toubro today settled with gains of over 6 percent on bourses, following which the market capitalization of the company improved by Rs 11,759.79 crore.

During the day the stock of the company opened at Rs 1,300, then gained further ground and touched an intra-day high of Rs 1,331.00, up 7.31 percent over its previous closing price on BSE.

At the end of today's trading session, the stock was at Rs 1,323.95, up 6.74 percent.

Following the uptick in the counter, market capitalization of the company improved by Rs 11,759.79 crore to Rs 1,85,616.07 crore at the end of today's trading on BSE.

On the NSE, the stock opened at Rs 1,300, then jumped 7.39 percent to touch an intra-day high of Rs 1,331.90 and finally settled for the day at Rs 1,323.05, up 6.68 percent.

In a regulatory filing on August 18, the company had said that "the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on Thursday, August 23, 2018".

As per the company's internal code for prevention of insider trading, "the trading window for dealing in the securities of the company will be closed for the company's directors/officers and designated employees of the company from Monday, August 20, 2018, till Friday, August 24, 2018, (both days inclusive)", the filing added.

Brokers said the uptick in the broader market also helped investor sentiments. The 30-share Sensex today settled for the day at 38,278.75, higher by 330.87 points or 0.87 percent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)