Why L&T Shares Are Upbeat Today

L&T share price jumped back into the green in early trade on Monday ending the two straight session losing streak.

What Happened: Shares of the construction giant are upbeat today as the company’s board approved a share buyback. The record date for the buyback is Sept. 12.

The conglomerate has approved the buyback of around 3.33 crore shares for a maximum price of ₹3,000 per share. The total buyback amount approved is ₹10,000 crore. The buyback would be executed via the tender offer route through the stock exchange mechanism.

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The company has also announced is also said to be expanding operations into private satellite launches. As per media reports, the company will be bidding for the small satellite launch vehicle (SSLV) contracts. The SSLV was developed by the Indian Space Research Organisation (ISRO) to launch small satellites into low-earth orbit.

The news comes days after India’s successful mission to the moon, which saw participation from several private companies including L&T.

Price Action: Shares of L&T were up 1.17% to trade at ₹2,669.25 as the markets opened on Monday.

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