L&T surges 4%; hits new high on strong Q1 results, Rs 10,000 crore buyback
Shares of Larsen & Toubro (L&T) hit a new high of Rs 2,670, surging 4 per cent on the BSE in Wednesday’s intra-day trade after the engineering conglomerate on Tuesday announced a buyback of up to Rs 10,000 crore. The company would entail 33.3 million equity shares for a price of up to Rs 3,000 each, via tender offer route, subject to approvals. The board also declared a special dividend of Rs 6 per share.
At 09:30 AM; L&T was trading 3.6 per cent higher at Rs 2,654.85, as compared to 0.41 per cent rise in the S&P BSE Sensex. The stock surpassed its previous high of Rs 2,634.05, touched on July 24.
