L&T surges as its JV plan to diversify its cargo handling at Katupalli Port

L&T is currently trading at Rs. 1496.00, up by 19.60 points or 1.33% from its previous closing of Rs. 1476.40 on the BSE. The scrip opened at Rs. 1490.20 and has touched a high and low of Rs. 1506.00 and Rs. 1477.05 respectively. So far 90215 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1540.00 on 20-May-2014 and a 52 week low of Rs. 678.10 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1540.00 and Rs. 1370.70 respectively. The current market cap of the company is Rs. 138643.01 crore. The Institutions and Non-Institutions held 55.07% and 42.25% respectively. L&T Shipbuilding is a joint-venture between Larsen & Toubro and the Tamil Nadu Industrial Development Corporation, a State government industry promotion agency is planning to diversify its cargo handling capacity at Katupalli Port to include automobiles and oil products in addition to its original plans for container handling. The private port, about 30 km to the north of Chennai, has revised its cargo mix by scaling down container handling to provide space for the new items. The JV Company has entered into a management contract with Philippines-based International Container Terminal Services Inc to operate the container terminal. Larsen & Toubro (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector.