Standard Post with Image

L&T Gains After Commissioning a Power Generation Unit in Record Time

  • L&T rose 0.49% to Rs. 1,177.35 at 14:09 IST on BSE after the company said it has successfully commissioned a 384 megawatts unit of GMR's gas based power plant at Vemagiri, near Rajahmundry in Andhra Pradesh.The company made the announcement during trading hours today, 14 December 2011.Meanwhile, the BSE Sensex was up 24.32 points, or 0.15% to 16,026.83.On BSE, 3.51 lakh shares were traded in the counter as against average daily volume of 4.17 lakh shares in the past one quarter.The stock hit a high of Rs. 1,194 and a low of Rs. 1,160.50 so far during the day. The stock had hit a 52-week low of Rs. 1,154.05 on Tuesday, 13 December 2011. The stock had hit a 52-week high of Rs. 2,019.60 on 15 December 2010.
  • The large-cap stock had underperformed the market over the past one month till 13 December 2011, falling 11.95% compared with the Sensex's 6.92% decline. The scrip had also underperformed the market in past one quarter, declining 28.31% as against 2.82% fall in the Sensex.India's largest engineering and construction company by order book has an equity capital of Rs. 122.37 crore. Face value per share is Rs. 2.L&T said that with the commissioning of the power generation unit in record time of 24 months, the company has demonstrated its integrated execution capabilities. L&T said that, in September 2006, the company had successfully commissioned the first unit of a similar capacity at the same location. Work is also in its advanced stage for the third unit of similar capacity in which a gas turbine is expected to be synchronized soon. The complete unit is scheduled to be commissioned in the next few months. On completion of all three units, the national grid will benefit from a total capacity of 1,200 megawatts (MW) gas based power plant at a single location, L&T said in a statement.
  • L&T said, this project has been executed by the Gas Based Power Projects -- Strategic Business Unit of L&T Power, based in Baroda. L&T's scope included design, detailed engineering, supply, installation and commissioning of the complete power plant on a turnkey basis. The plant incorporates state-of-art advance class gas turbines from General Electric and high efficiency steam turbines from Alstom, L&T said in a statement.L&T's net profit rose 4.4% to Rs. 798.39 crore on 19.3% growth in net sales to Rs. 11245.24 crore in Q2 September 2011 over Q2 September 2010.L&T is an engineering and construction group with global operations.

Source