India’s largest engineering firm Larsen & Toubro Ltd. (L&T) has announced its quarter 3 (Q3) results today. The company has reported a net profit of Rs.840.6 crore in Q3FY11 as against Rs.768.8 crore in same period of previous year, a growth of 9.34%. Also, the company earned one time gain of Rs 35 crore.
Strong growth in revenues which was reported a surge of 40.52% to Rs.11,413 crore against Rs.8,122.2 crore in the previous quarter.
What about L&T stock: From the current level we can start accumulating this stock. Once the markets starts consolidation stocks like this one will start outperforming. So buy L&T near 1550 – 1600 range for short term target of 1735 and 1825. Also place the protective stop loss near 1500 level.