Continuing its rally on the bourses, shares of Larsen and Toubro (L&T) jumped by over 4 % in morning trade today, buoyed by the company's above-market expectation results for the quarter ended March 31, 2011.
The scrip of the infrastructure major rose by 4.63 % to touch a high of Rs 1,668.90 on the Bombay Stock Exchange.
In the previous trading session, the stock settled 5.92 % higher. On the National Stock Exchange, the stock touched an early peak of Rs 1,670, up 4.71 % from the previous close.
"L&T profit for fourth quarter FY'11 came above the market expectation," Bonanza Portfolio Senior Research Analyst Shanu Goel said. 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 % growth in standalone net profit to Rs 1,686.21 crore for the quarter ended March 31, 2011. Meanwhile, according to media reports, RBS and Goldman Sachshas have raised their rating on the Indian engineering and construction major.