intraday trading tips

Stock in Focus: L&T Q4 profit rises Rs 3,025 crore

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Stock news, Stock in the news, Todays market updateIndia’s largest engineering firm, Larsen and Toubro Ltd (L&T), on Monday reported a 28 percent jump in March quarter consolidated net profit on higher revenue and lower taxes. The consolidated net profit in the quarter rose to Rs. 3,025 cr, against Rs. 2,335 cr, that was in a year earlier. Total income from operations grew 12 percent to Rs. 36,828 cr.

The company said it won orders worth Rs. 47,289 cr, in the March quarter, up 9.6 percent from a year earlier. International orders, at Rs. 9,044 cr, made up 19 percent of the total order inflow. The consolidated order book figured at Rs. 2.61 trillion as of 31 March, an enhance of 5 percent from a year earlier.

Revenue from the infrastructure business, rose 8.2 percent to Rs. 20,300.96 cr, in the quarter, while revenue in the power business tanked about 2.8 percent to Rs. 1,838.55 cr.

The shares of L&T closed at Rs. 1,788 on BSE on Monday morning, little changed from last closing. Results have been announced after market hours on 29 May, 2017.

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HCL Tech proposes share buyback offer at Rs 1000 per share

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HCL Stocks, Stock in the newsIndian multinational IT service company, HCL Technologies Limited, proposes share buyback offer at Rs 1,000 share apiece, at 17 percent premium for Rs. 3,500 Cr, on a proportionate basis via a tender offer process, HCL Technologies said in a regulatory filing.

The buyback size is Rs. 3500 Cr, representing 16.39 percent and 13.62 percent of the aggregate of the fully paid up equity share capital and free reserves as per the standalone and consolidated audited accounts for the fiscal ended 31 March 2016, said HCL. Buyback offer price is 17 percent higher than the present trading price of the stock at Rs. 852.35/ share.

The IT companies across India have been under stress to return excess cash on their books to shareholders via generous dividends and buybacks. India’s largest software company TCS (Tata Consultancy Services Ltd) also announced its Rs. 16,000 Cr, mega buyback offer, earlier this month, which is currently in progress. Infosys Limited has also announced its capital allocation policy to return up to Rs. 13,000 Cr, this fiscal through dividend plus buyback.