Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Shares of Larsen & Toubro Infotech Ltd rallied nearly 5 per cent on Thursday after the company laid positive June quarter results before the cautious investors. LTI on Wednesday posted a 17.06 per cent growth in its June quarter net profit at Rs 416.4 crore but acknowledged that it is a challenging time for the industry at present.
Company’s stock on Thursday rose by 6.58 per cent to a one-year high of Rs 2,340 on the BSE, but due to the volatile market, the shares were trading at Rs 2,293.00, up by 4.44 per cent in the last hour of the day.
On the NSE, company’s shares were up by 4.91 per cent at Rs 2,298.45. Earlier in the day, it had touched its 52-week high of 6.62 per cent at Rs 2,336.
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When compared to the previous quarter, the profit declined by 2.59 per cent as conditions became tough.
Its overall revenues rose to Rs 3,015 crore from the year-ago period’s Rs 2,586 crore, but were marginally down as compared to the preceding March quarter’s Rs 3,082 crore.
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