Gold Silver Reports (GSR) – BHEL, BPCL, Coal India, M&M, Power Grid, Vedanta Share Price — Indian equity benchmarks gained for third straight day to their highest level in over a week led by HDFC Bank, Larsen & Toubro, Sun Pharma and ITC. The S&P BSE Sensex rose 0.7 percent or 241 points to 35,165 and the NSE Nifty 50 index climbed 0.8 percent or 83 points to 10,689.
Larsen & Toubro Rises After Profit Beat In Q4
Shares of the country’s largest infrastructure developer rose as much as 3.52 percent, the most in over three months, to Rs 1,424.95 after its profit beat Bloomberg consensus estimates in March quarter.
Vedanta Falls On Order For Permanent Closure Of Sterlite Plant
Shares of the Anil Aggarwal-led metals conglomerate fell as much as much as 6.21 percent to Rs 237.90, also its lowest level in over 11 months. Tamil Nadu government ordered the state pollution control board to seal and “permanently” close the Vedanta Group’s copper plant in Tuticorin after last week’s violent protests saw 13 people killed in police firing.
At least 13 people were killed, and several injured in police firing as the months-long protests in Tuticorin against the closure of Vedanta’s Sterlite Copper unit turned violent last week.
Fuel Prices Hiked For Sixteenth Straight Day
State-run oil marketers hiked petrol and diesel prices for the sixteenth day in a row.
The price of petrol was hiked by 16 paise today to Rs 78.43 per litre in Delhi while diesel was raised by 14 paise a litre to Rs 69.31.
Q4 Results: L&T Projects 12-15% Revenue Growth In FY19
Larsen & Toubro Ltd.’s profit stood at Rs 3,167 crore during January-March period, an increase of 5 percent from the year-ago period, India’s largest construction, and engineering company said in a stock exchange notification. That compares with the Rs 2,995-crore consensus estimate of analysts.
Revenue rose 11 percent to Rs 40,678 crore in line with the estimated Rs 41,068 crore led by infrastructure, hydrocarbons and heavy engineering segments. The company missed its revenue projection for the financial year 2017-18 but surpassed the order inflow guidance. The company’s order intake rose 5 percent to Rs 49,560 crore. The global order inflow, which contributed 18 percent of the total order flow, stood at Rs 8,678 crore.
“We expect about 30-32 percent international orders during 2018-19. We also plan to exit some subscale businesses even if they are profitable,” L&T’s Whole-Time Director and Chief Financial Officer Shankar Raman told reporters in an earnings press conference today.
