Larsen & Toubro surges on acquiring 12.25% stake in IFQM
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Larsen & Toubro is currently trading at Rs. 3738.50, up by 56.00 points or 1.52% from its previous closing of Rs. 3682.50 on the BSE.
The scrip opened at Rs. 3700.00 and has touched a high and low of Rs. 3740.65 and Rs. 3680.00 respectively. So far 29014 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 3948.60 on 03-Jun-2024 and a 52 week low of Rs. 2846.20 on 21-Sep-2023.
Last one week high and low of the scrip stood at Rs. 3756.15 and Rs. 3608.65 respectively. The current market cap of the company is Rs. 512116.85 crore.
The promoters holding in the company stood at 61.98%, while Non-Institutions held 38.01% in the company.
Larsen & Toubro has acquired 1,25,00,000 equity shares of Indian Foundation for Quality Management (IFQM) representing 12.25% stake in IFQM. IFQM is a not-for-profit company incorporated under Section 8 of the Companies Act, 2013, with the primary objective of being an integrated empowered foundation which would be at the forefront of driving positive change in the Indian industry.
IFQM’s mission is to ‘Act as a Catalyst for Indian Businesses to become Globally respected’ and stay committed to offer expertise and solutions to enhance Brand India, globally, through continuous improvements in products and services.
As the leading engineering company known for its penchant for Quality, joining IFQM, the India Specific Quality Foundation, would enhance brand India with commensurate benefits to the Company’s positioning. The shares have been allotted on September 19, 2024 and accordingly the acquisition has been completed on the said date.
Larsen & Toubro (L&T) is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.
