L&T News: The board of engineering and infra conglomerate L&T on Friday, March 21, approved a proposal to raise Rs 12,000 crore. Apart from this, the board has also approved changes at the top level. This has happened at a time when L&T has received a big order from Brigade Group. It has received the largest order from a private customer to build residential and commercial towers in Hyderabad and Chennai. Due to this, L&T shares rose more than 3 percent intra-day a trading day earlier. On Friday, it closed at Rs 3436.80 with a gain of 2.62 percent on the BSE. Intra-day it jumped 3.14 percent to reach Rs 3454.40. This year, L&T shares have weakened by more than 5 percent, but this month it has strengthened more than 8 months.
What was decided in the L&T board meeting?
In the meeting of the board of L&T, the company's full-time director and president (energy) has been approved to be made the company's deputy MD and president. His term will be effective from 2 April 2025 to 3 February 2028. The company has given this information in the exchange filing. Apart from this, the re-appointment of full-time director SV Desai has been approved and his term will be from 11 July 2025 to 4 July 2030. Apart from this, T Madhava has been re-appointed as full-time director for five years effective from 11 July 2025. Apart from all this, the Board of Directors also approved long term borrowing of up to Rs 12 thousand crore. This loan will be raised through external commercial borrowings, term loans, non-convertible debentures or any other method.
How was the movement of shares in one year
L&T shares were at Rs 3963.00 on 10 December 2024 last year, which is a record high level for its shares. However, the rise in the shares stopped here and it fell by about 21 percent in just two and a half months to Rs 3141.30 on 28 February 2025 last month, which is a record low level of one year for its shares. The stock recovered at this low level and has recovered more than 9 percent so far, but it is still 13 percent downside from the record high.
