L&T Construction's Building & Factories IC has won new orders valued Rs2,592 crore for construction of residential buildings, hospital building and other institutional buildings in major cities
New Delhi: Larsen & Toubro Ltd (L&T) on Friday said it has won new orders, worth Rs2,592 crore in the first quarter of this fiscal in various segments, including commercial and residential buildings, reports PTI.
"L&T Construction's Building & Factories IC has won new orders valued Rs2,592 crore during the first quarter of 2012-13," the company said in a filing to BSE.
In the residential buildings category, the company won orders from leading developers for construction of multi-storey residential towers in Bangalore and Gurgaon, it added.
"The commercial buildings segment has secured orders...for the construction of a mixed use development, hospital building and other institutional buildings in major cities," the statement said.
The company further said that it also received orders from leading automobile firms for construction of factories.
If the Nifty closes well above 4,910, there maybe an upmove up to the level of 5,040 in the short-term
Better-than-expected results from State Bank of India and US futures moving from deep red to green provided the much-needed boost to the market in post-noon trade, ensuring a positive close for the second day. On a lower volume of 56.15 crore shares on the National Stock Exchange (NSE), the Nifty came off the lows of 4,789, (lowest since 10 January 2012). If the Nifty manages to hold above today's low and closes well above 4,910, we may see an upmove up to the level of 5,040 first. Improving economic conditions may take the market even higher. However, this upmove will be staggered and also as long as 4,789 is broken.
The market witnessed a gap down opening as unending European problems spooked markets worldwide. Fitch's downgrading of Greece by one notch to B- from CCC and Moody's downgrading ratings of 16 Spanish Banks led the markets in Europe and the US down on Thursday. Concerns about Europe led Asian markets lower in morning trade. In India, the benchmarks opened below their psychological levels-the Nifty opened at 4,796, down 74 points, and the Sensex tumbled 202 points to start the day at 15,868.
The rupee hit another all-time low of 54.85 per dollar in the late morning trade losing 38 paise on fresh demand for the American currency from banks and importers. The Indian currency resumed lower at 54.60/61 per dollar at the Interbank Foreign Exchange (Forex) market against the last closing level of 54.47/48 and dropped to 54.82/83, before trading at fresh all-time low to 54.85/86 at 1100 hrs.
Selling pressure in auto, capital goods and metal stocks led the benchmarks falling to their intraday lows in mid-morning trade. At this point, the Nifty fell to 4,789 and the Sensex dropping to 15,810.
Meanwhile India's consumer price index (CPI) based inflation was in double digits at 10.32% in April, mainly on account of substantial increase in vegetable, edible oils and milk prices. CPI inflation for March has been revised to 9.38% from the provisional estimate of 9.47%, government data indicated.
However, better-than-expected results from state-owned lender State Bank of India (SBI) gave the market the much-needed boost, pushing the indices higher. The country's largest lender posted net profit of Rs4,050.27 crore in the fourth quarter ended March 2012 against just Rs20.88 crore recorded in Q4 of the previous fiscal. Total income of the bank rose to Rs33,959.54 crore in the quarter against Rs26,536.84 crore in the same quarter a year ago.
The market emerged into the green in post-noon trade and managed to close in the green for the second day. The Nifty added 21 points to 4,891 and the Sensex advanced 82 points to settle at 16,153.
Despite gains in the market, the advance-decline ratio on the NSE was tilted towards the losers at 688:958.
Contrary to the market trend, the broader indices settled lower. The BSE Mid-cap index fell by 0.27% and the BSE Small-cap index declined 0.24%.
The top sectoral indices were BSE Bankex (up 1.75%); BSE Fast Moving Consumer Goods (up 1.14%); BSE PSU (up 0.79%); BSE Oil & Gas (up 0.58%) and BSE Metal (up 0.40%). The losers were led by BSE Auto (down 1.90%); BSE Capital Goods (down 0.53%); BSE Realty (down 0.14%), BSE TECk (down 0.11%) and BSE Consumer Durables (down 0.10%).
State Bank of India (up 5.08%); Sterlite Industries (up 2.38%); ICICI Bank (up 2.26%); NTPC (up 2.22%) and GAIL India (up 2.12%) were the top Sensex gainers. The main losers were Tata Motors (down 4.06%); Maruti Suzuki (down 3.31%); Bajaj Auto (down 2.63%); BHEL (down 2.09%) and Tata Steel (down 1.48%).
State Bank of India (up 5.82%); Sesa Goa (up 3.84%); Grasim (up 3.69%); IDFC (up 3.31%) and SAIL (up 3.25%) were the top five gainers on the Nifty. The stocks which appeared at the bottom were Tata Motors (down 3.87%); Ambuja Cement (down 3.52%); Maruti Suzuki (down 3.08%); Bajaj Auto (down 2.88%) and BHEL (down 2.35%).
Markets in Asia settled in the red as fears of a slowdown in the global economy on the back of the banking crisis in Spain and the political impasse in Greece. Export-oriented companies in Asia were worried as the developments in Europe would dent earnings, going forward.
The Shanghai Composite tanked 1.44%; the Hang Seng dropped 1.30%; the Jakarta Composite skidded 1.61%; the KLSE Composite declined 0.76%; the Nikkei 225 tanked 2.99%; the Straits Times fell by 1.54%; the KOSPI Composite tumbled 3.40% and the Taiwan Weighted settled 2.79%.
At the time of writing, the key European indices pared their losses and were marginally lower while the US stock futures were trading higher.
Back home, foreign institutional investors were net sellers of shares totalling Rs9.67 crore on Thursday whereas domestic institutional investors were net buyers of stocks aggregating Rs254.15 crore.
Union Bank of India has slashed interest on home loans to its base rate in select cases. The new rate of 10.50%, the base rate, will be applicable to both existing borrowers on floating rates as well as new ones. Loans above Rs30 lakh but under Rs75 lakh will be charged an interest rate of 0.25% above the base rate, while those between Rs75 lakh and Rs5 crore will have to pay a margin of 0.50% over the base rate. The stock rose 1.29% to close at Rs197.05 on the BSE.
City Union Bank has reported a 40% growth in net profit during the quarter ended 31 March 2012 at Rs71.98 crore as against Rs51.39 crore, a year ago. The bank's total income rose to Rs537.31 crore from Rs391.09 crore, an increase of around 37%. The bank's board has recommended dividend of 100% (i.e. Re1 a share on the face value of Re1 each) for 2011-12, subject to members' approval in the upcoming annual general meeting. The stock rose 4.62% to close at Rs 47.55 on the BSE.