INSUBCONTINENT EXCLUSIVE:
Global brokerages maintained a bullish view on Larsen Toubro after the company on Saturday announced that it would take up a proposal for
share buyback on August 23, Thursday
CLSA said that the buyback will support return on equity (RoE) of the company
(IST), while the BSE Sensex was up 258 points, or 0.68 per cent, at 38,206.72 around the same time
Quantum of buyback will hold the key, the foreign brokerage added, which expects cash flows to remain comfortable in FY19.
The engineering
and construction conglomerate on Saturday informed bourses that the board will consider the proposal for buyback of shares on August 23
It also announced that the trading window for dealing in securities will be closed for directors and officers and designated employees of
LT from August 20 to August 24 - both days inclusive
This is in line with the company's internal code for prevention of insider trading.
The company last month reported a 43 cent increase in
consolidated net profit at Rs 1,472 crore in the June quarter
It had earned net profit of Rs 1,028 crore in the same quarter last year.
