L&T shares rally 6% on buyback talk; market capitalisation up Rs 11,759.79 cr

New Delhi: Shares of Larsen & Toubro on Monday settled with gains of over 6 percent on bourses, following which the market capitalisation 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 Monday’s trading session, the stock was at Rs 1,323.95, up 6.74 percent. [caption id=“attachment_4472887” align=“alignleft” width=“380”] L&T House. Image courtesy Reuters[/caption] Following the uptick in the counter, market capitalisation of the company improved by Rs 11,759.79 crore to Rs 1,85,616.07 crore at the end of Monday’s trading on BSE. On the NSE, the stock opened at Rs 1,300, then jumped 7.39 percent to touch an intra-day hight 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 18 August, 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, 23 August, 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, 20 August 2018, till Friday, 24 August 2018, (both days inclusive)”, the filing added. Brokers said the uptick in the broader market also helped investor sentiments. The 30-share Sensex on Monday settled for the day at 38,278.75, higher by 330.87 points or 0.87 percent.