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Larsen & Toubro share price closes 6% higher after firm says will make industry self-reliant

Larsen & Toubro share price closed 6.68% or Rs 60.60 higher at Rs 967.85 against previous close of Rs 907.25 on BSE.

twitter-logoBusinessToday.In | June 23, 2020 | Updated 16:29 IST
Larsen & Toubro share price closes 6% higher after firm says will make industry self-reliant
Larsen & Toubro share price stands higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages

Larsen & Toubro share price closed higher today after the engineering and construction firm supported the government's initiatives to contribute to Atmanirbhar Bharat Abhiyan. The large cap share closed 6.68% or Rs 60.60 higher at Rs 967.85 against previous close of Rs 907.25 on BSE. The stock has gained 9.42% in the last 4 days. The stock rose 6.94% intraday to fresh high of Rs 970.2 on BSE.

The share stands higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

In one month, the stock has gained 18.62%. Market cap of the firm rose to Rs 1.35 lakh crore. L&T stock price has risen 8.15% in one week and 18.62% in one month.

However, the share has lost 37% in one year and declined 25.49% since the beginning of this year.

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SN Subrahmanyan, CEO & MD, L&T, said, "With an unfortunate incident involving our brave soldiers at our border, sentiments are running high in the country. As a company involved in nation-building for more than eight decades, we  firmly  stand  with  the  policy  of  manufacturing  best-in-class  products  locally  through 'Make in India'."

"We  can  drastically  reduce  our  dependency  on  imported  products  including  those  from  China  by  putting  processes  and  systems  in  place  to  develop  a  large  scale,  efficient  and  cost-effective  domestic  industrial  ecosystem  over  a  medium  to  long  term. The atmosphere is right for that and we should accelerate this. We are fully supportive of the Government of India's initiatives and will do our best to contribute to Atmanirbhar Bharat Abhiyan," said Subrahmanyan.

In Q4, Larsen & Toubro reported a consolidated net profit of Rs 3,430.1 crore compared with Rs 3,586.48 crore in the same quarter a year ago.

Revenue in Q4 rose to Rs 44,905.76 crore against revenue of Rs 43,914.37 crore a year ago.

L&T board gives nod to reappointment of AM Naik as non-executive chairman for 3 years

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