Page 11 - L&t

L&T only Indian firm among 25 companies in Forbes' best employer list

While L&T is ranked 22, there are only four domestic firms in the top 100 list which include Mahindra & Mahindra at 55, Grasim Industries at 59 and HDFC at 91

L&T: Healthy pace of project execution, cost initiatives may drive profits

The recent stock price correction offers a good entry point for investors

L&T offloads 6.08% stake in L&T Infotech, pares parent's shareholding

Larsen and Toubro Infotech (LTI) Wednesday said its promoter Larsen and Toubro (L&T) has offloaded 6.08 per cent stake in the company, paring the parent's shareholding to 75 per cent. L&T had earlier said it intended to make an offer for sale of up to 59 lakh equity shares, representing 3.41 per cent holding of LTI, on September 3 and 4, 2018. It had also provided for an option to "additionally sell 46,27,288 equity shares, representing 2.67 per cent of the total paid up equity share capital" of LTI. In a regulatory filing Wednesday, LTI said: "We are hereby notifying the information regarding the change in our shareholding in the company which has decreased by 6.08 per cent pursuant to the...sale of shares...on September 3 and 4, 2018". Post the transaction, L&T now holds 75 per cent stake in LTI, it added. The floor price of the offer was set at Rs 1,700 per equity share of LTI.

L&T proposes first-ever buyback, size could be up to Rs 123 billion

The company is holding its annual general meeting on Thursday

With on-time delivery, L&T stakes claim to build warships and submarines

Industry analysts say L&T is demonstrating its capability in order to position itself for the coming multi-billion dollar Project 75-I contract to build six new submarines

Larsen & Toubro's hydrocarbon business records a profit margin of 7.7%

For 2015-16, the hydrocarbon segment reported earnings before interest, taxation, depreciation and ammortisation (Ebitda) margins of 0.6%

Stalled projects worth Rs 496.20 billion a worry for Larsen & Toubro

Since 2013-14, the company has classified orders totalling Rs 496.20 billion as slow moving or non-moving

Larsen & Toubro to sell its electrical unit to Schneider for $2.1 billion

The company, which makes submarines, and builds airports to nuclear power plants, has been pruning non-strategic and sub-scale businesses

SFIO receives complaint against L&T of alleged financial irregularities

The Serious Fraud Investigation Office (SFIO) has received a complaint against Larsen & Toubro alleging "thousands of crores" of financial irregularities, including money laundering and tax evasion, a charge that the infrastructure giant rubbished as "baseless". Acting on the complaint received, SFIO's Mumbai regional office has written to the head-office here stating that it "is a fit case to be investigated" as it will "help in unearthing wrong doings of L&T group, in terms of misappropriation of money, money laundering and tax evasion". In the complaint, Rajya Sabha MP Kahkashan Perween has alleged that loans worth Rs 8,000 crore given to the Group for road projects face serious threat of turning into NPAs. It alleged irregularities in two projects - L&T Halol Shamlaji Tollway Ltd (L&T Halol) and L&T Chennai Tada Ltd. L&T and its arms, which are engaged in highway projects have been termed as "habitual defaulters" by NHAI, which is likely to have a severe ...

L&T JV bags Rs 4.42-bn order for supply of forgings for steam generators

Larsen & Toubro today said its joint venture with Nuclear Power Corporation of India Ltd (NPCIL), had received Rs 442 crore order for supply of forgings for nuclear steam generators. " L&T Special Steels and Heavy Forgings Pvt Ltd, a joint venture of Larsen & Toubro Ltd (L&T) and Nuclear Power Corporation of India Ltd (NPCIL), has received an order worth Rs 442 crore from NPCIL to supply forgings for steam generators," L&T said in a BSE filing. These forgings will be used in the manufacturing of the critical equipment for six new indigenous pressurised heavy water reactors (PHWRs), it added. Shares of L&T were trading 1.07 per cent higher at Rs 1,304 on BSE.

L&T likely to meet revised order guidance for FY18

L&T, in November, revised its order inflow growth guidance for the current financial year to 'muted' from the earlier stated 12 per cent

L&T to set up Rs 500 crore missile systems plant for armed forces

L&T and the French major MDBA had announced the 51:49 JV for the missile and missile systems business

L&T bags Rs 1,700-cr crude oil pipeline contract from Kuwait Oil Company

Engineering conglomerate Larsen & Toubro (L&T) today said it has won a Rs 1,700 crore contract in Kuwait for building a crude oil pipeline. "L&T's hydrocarbon division has bagged a major pipeline contract with a value close to Rs 1,700 crore from Kuwait Oil Company (KOC) for Engineering, Procurement and Construction of a new 48" Crude Transit Line (TL-5) from North Kuwait to Ahmadi," the company said in a statement. The project is scheduled to be completed in the third quarter of 2020. The company said the order was won against stiff international competitive bidding which reinforces its capability to deliver 'design to build' engineering and construction solutions across the hydrocarbon spectrum. L&T is currently executing Gathering Centre-30 (GC-30) project for KOC. The company has been serving the onshore hydrocarbon sector since early 1990s. L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial ...

Western protectionism fears more media hype than actual, says AM Naik

Terming the lingering uncertainties due to Brexit and protectionism in the US as "media hype", veteran business leader A M Naik today said major markets have settled down to "business as usual" now. "In the recent past, there has been lots of talks about protectionism in the US and uncertainties arising from the Brexit. This has resulted in many companies adopting a 'wait and watch' attitude," he said, addressing L&T Technology Services ((LTTS) annual general meeting here. "Much of this uncertainty has been the result of media hype, and the major markets seem to have settled down to 'business as usual'," Naik told the shareholders at his last annual general meeting. It can be noted that Britons' desire to leave the Euro Zone has in the past led many tech companies to report reverses in business, while the protectionist tendencies in the US have also forced to move for cover by increasing the local hiring. Naik, the chairman of LTTS, said the US, the company's focus market, has

L&T delivers two high-speed interceptor ships to Indian Coast Guard

Engineering firm Larsen & Toubro (L&T) today said it has delivered two more high speed interceptor ships to the India Coast Guard at the company's Kattupalli shipyard in Chennai in Tamil Nadu. The delivery of the C-433 and C-434 high speed interceptor ships is part of the two contracts being executed by L&T for design and construction of 54 interceptors to the Indian Coast Guard, valued at Rs 1,424 crore, the company said in a statement issued here. With these two, 34 interceptors have been delivered by the company, so far, it said. "We appreciate the urgent need of Indian Coast Guard to augment coastal security in these turbulent times. Our production is over one year ahead of schedule and we are ready to deliver the remaining 20 vessels to Coast Guard anytime suiting their operational requirements," company's CEO and Managing Director SN Subrahmanyan said. Besides interceptor vessels programme, L&T has also been mandated by the Coast Guard to design and build ...

L&T gets Rs 1050-cr contract for rail tracks electrification

The Indian Railways today awarded a Rs 1,050-crore contract for electrification of 781-km rail tracks to multinational conglomerate Larsen & Toubro Limited. This is the first engineering, procurement and construction (EPC) contract of the Indian Railways under its Mission Electrification. "The Indian Railways has given higher thrust on infrastructure creation, electrification. During last four years, total 103 railway electrification projects consisting of 16,815 route kilometres at an estimated cost of Rs 17,615 crore have been sanctioned," Railways Minister Suresh Prabhu said at an event to exchange the contract of agreement. The contract to L&T has been awarded for electrification in two sections -- the Delhi-Sarai Rohilla-Rewari and Alwar- Bandikui-Jaipur-Phulera-Ajmer section (353-route-km at a cost of Rs 594 crore) and the Roha-Verna section of Konkan Railway (428-route-km at a cost of Rs 456 crore). This is for the first time that the railways has entrusted new ...

L&T Construction bags orders worth Rs 5,146 crore

Engineering giant Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 5,146 crore across business segments. "The construction arm of L&T has won orders worth Rs 5,146 crore various business segments," the infrastructure major said in a BSE filing. L&T said its power transmission and distribution business bagged orders worth Rs 2,780 crore in the domestic and international market. Its smart world and communication business has secured an order worth Rs 221 crore from Rajasthan Rajya Vidyut Prasaran Nigam. While its water and effluent treatment business has bagged a Rs 1,292 crore order. L&T said said its building and factories business has won Rs 534 crore, and metallurgical and material handling segment has won Rs 319 crore order. Shares of the company were trading at Rs 1,773.05 apiece, down 0.84 per cent from the previous close on the BSE.

L&T signs deal with South Korea's HTW to supply howitzer to Indian army

Engineering conglomerate Larsen and Toubro inked a deal with South Korean defence major Hanwha Techwin (HTW) today to jointly manufacture over 100 self- propelled howitzers for Indian Army at a cost of nearly Rs 4,500 crore. The first batch of the 155mm/52 Cal Tracked Self Propelled (SP) gun -- K9 VAJRA-T -- will be delivered later this year and the entire supply will be made within a span of 42 months. While 10 guns will be directly brought from South Korea, 90 will be manufactured in L&T's Strategic Systems Complex in Talegaon near Pune. The K9 VAJRA-T gun is an enhanced version of HTW's K9 Thunder which is known as one of the best performing self- propelled howitzers in the world. At a function to sign the deal, South Korea's Minister for Defence Acquisition Chang Myoung Jin said his country would like to significantly expand defence ties with India as envisaged during Prime Minister Narendra Modi's visit to Seoul in 2015. "Today, we have taken our defence partnership to a

Labour union alleges big scam in L&T cement sale to Grasim in 2005

A labour union today alleged many irregularities in the 2004-05 sale of Larsen & Toubro's cement business to Grasim and accused outgoing chairman AM Naik of cornering Rs 600 crore from the transaction. The allegations were made by a union called Loyal Tigers Welfare Association at a press meet where they also claimed that a public interest litigation has been filed in the Bombay High Court on March 21 against the top L&T management, including Naik who is retiring in September. When contacted an L&T spokesman said the union is not recognised by the company and they are yet to receive any communication from the court on the matter. Loyal Tigers alleged that during the sale of L&T's cement business to the Birlas-owned Grasim in 2004-05, the engineering firm received shares from the Birla firm directly into a foundation called the Employees Benefit Foundation of L&T, which owns 12.5 per cent equity in the engineering major. "These shares should have been with ...

L&T names Subrahmanyan as CEO; Naik, non-executive chairman

Engineering conglomerate L&T today named S N Subrahmanyan as its new CEO with effect from July, while long-serving head A M Naik will move to a new position of non-executive Chairman effective October 1. The appointments, approved by the board of Larsen and Toubro today, will mark a major change in leadership positions at the company where Naik has served for over 52 years, including as its head for over 17 years. He became CEO and Managing Director in 1999, and was appointed as chairman in 2003. Naik will assume the new role of non-executive chairman for a period of three years beginning October 1, immediately upon his retirement as Executive Chairman on September 30. Subrahmanyan will take over as the chief executive officer and managing director from July 1, a company filing to the stock exchanges said. L&T is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations, with revenue of USD 16 billion.