L&T stock in demand after result, rises 4%

Continuing its rally on the bourses, shares of Larsen and Toubro (L&T) jumped over 4 per cent in morning trade on Friday , buoyed by the company's above-market expectation results for the quarter ended March 31.

The scrip of the infrastructure major rose 4.63 per cent to touch a high of Rs 1,668.90 on the Bombay Stock Exchange. In the previous trading session, the stock settled 5.92 per cent higher.

On the National Stock Exchange, the stock touched an early peak of Rs 1,670, up 4.71 per cent from the previous close.

"L&T profit for fourth quarter of 2010-11 came above the market expectation," Bonanza Portfolio Senior Research Analyst Shanu Goel said.

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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 per cent growth in standalone net profit to Rs 1,686.21 crore for the quarter ended March 31.

Meanwhile, according to media reports, RBS and Goldman Sachshas have raised their rating on the Indian engineering and construction major.