L&T declares dividend, approves fund raising
L&T declares dividend, approves fund raising >Larsen & Toubro (L&T) said that the members at the 62nd annual general meeting (AGM) of the company held on Aug. 24, 2007 declared the final dividend at the rate of Rs 2.00 a share of Rs 2 each for the year ended Mar. 31, 2007. Further the members authorized the board to raise up to USD 700 million by issuing equity shares, ADRs, GDRs, FCCBs and any other security and also by way of IPO in USA or other counties so as to enable the company to get listed at any stock exchanges in India or abroad. As per the latest result available, Larsen & Toubro registered a phenomenal jump in net profit for the quarter ended June 2007. During the quarter, the company`s profit went up 2.40 times to Rs 3,768.50 million from Rs 1,571.30 million in the same quarter, last year. Sales for the quarter rose 29.58% to Rs 45,052.10 million compared with the corresponding quarter, a year ago.
Shares of the company gained Rs 36.8, or 1.34%, to settle at Rs 2,783.15. The total volume of shares traded was 155,144 at the BSE. (Friday)
