L and T Surges After Jan-March Earnings Beat Estimates
By Reuters | Published: 02nd June 2014 10:57 AM |
MUMBAI: Shares of India's Larsen & Toubro surged 4.5 percent in pre-open trading after the company's fourth-quarter profit beat analyst forecasts with a rise of 69 percent, helped by a steep gain in revenue from its infrastructure and heavy engineering businesses, and gain from a divestment.
Net profit from continuing operations was 27.23 billion rupees ($461 million) in January-March, up from 16.1 billion rupees a year earlier, L&T said in a statement on Friday.
That compared with the 16.15 billion rupees mean of 15 analysts, according to Thomson Reuters data.