L&T rises over 6.5%

L&T in among the top five gainers on the BSE currently, going up almost 6.5% to Rs.1319.65. Its 52-week high is at Rs.1469.50.

The market is thrilled with its announcement that its Board will be meeting on Thursday, 23rd August to consider a proposal for buyback of equity shares next week. If approved, this would be the first-ever buyback by the firm.

The company has no promoter holding and entire 100% comes under the ‘Public’ category. Of this, 42.21% is held by non-institutions, FIIs hold 18.67%, Insurance holds 21.59%, Mutual Funds hold 15.36% and DIIs hold 2.17%.