The work order for Prime Minister Narendra Modi's pet project 'Statue of Unity' - the world's tallest statue of India's first home minister Sardar Vallabhbhai Patel, was issued by the Gujarat government on Monday, to leading engineering company Larsen and Toubro (L&T).
The NSE Nifty finally settled 57 points lower at 5,136.
Domestic 3rd quarter news weigh on sentiment. Analysts, however, saw some silver lining with European markets trading higher.
Private sector engineering major Larsen & Toubro has said that China is systematically killing Indian manufacturing sector and sought 25 per cent anti-dumping duty on Chinese goods.
L&T's gameplan is simple: if the government has committed to a 20-25 per cent cut in emission intensity, L&T has to aim for a much higher reduction, so that even if smaller companies take time to come up the curve, the average emission cut would reach the level that the government wants.
The government's ambitious highway projects under the public-private partnership mode are in serious trouble. Construction companies have either not put in bids or have withdrawn from 20 such projects, which fall under the build, operate and transfer scheme.
The global Indian company has hit gold in the Emirates of the Gulf.
Engineering major, Larsen & Toubro, along with a slightly positive European market helped domestic bourses to recover from the day's low.
The 13 firms under consideration had nearly a million employees as of March 2018, including contractual and temporary workforce.
Orders are flowing for the water and wastewater treatment industry, as leading players in the domestic market such as VA Tech Wabag, Larsen and Toubro, Thermax and IVRCL Infra have bagged over Rs 2,500 crore (Rs 25 billion) worth of orders in the past two-to-three months.
As IT midcap stocks ride high, it has created speculation around a potential bubble with analysts picking the midcaps' client concentration as the biggest concern area.
An investment of Rs 600-700 crore (Rs 6-7 billion) is expected in the project.
The new company, which will be based in Palegaon near Pune, would aim at development, design, manufacturing and related services in the fields of electronic warfare, radars, military avionics and mobile systems for military requirements of Indian customers as well as the world market.
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
These include B K Modi's Spice, Larsen & Toubro and Tech Mahindra. iGate, which had participated in the first round of bidding, backed out from completing the second round. Global majors like IBM are understood to have entered the second round, but this could not be independently confirmed. Other names floating include that of Hewlett-Packard and KKR Private Equity Investors.
The Nifty dropped 128 points (2.4%) to 5,094. The BSE market breadth was extremely negative. Out of 2,962 stocks traded 2,356 declined while 557 advanced.
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Coming from a family that has a 140-year history of growing coffee, Siddhartha, 59, initially dabbled in stock trading and wanted to work as an investment banker in Mumbai after completing his Master's in Economics from Mangalore University.
The board of approval, headed by commerce secretary G K Pillai, will also consider requests from realty major DLF for de-notification of its IT-ITeS SEZs in Gujarat, Haryana, West Bengal and Orissa. Larsen and Toubro has proposed to set up an IT SEZ in Mumbai, while Gulf Oil Corporation has moved application for a similar tax-free zone in Bangalore.
Sudip Banerjee, CEO, L&T Infotech talks about business post-Satyam, expansion plans and bigger acquisition targets.
Under the RFQ, companies had to initially participate in technical bids based on certain minimum criteria such as net worth, experience and so on. Only five or six companies that scored the highest on this basis were then permitted to put in financial bids.
The Uttarakhand government has asked Larsen & Toubro to stop work on its 99-Mw Singoli-Bhatwari hydel project in the hilly Rudraprayag district of the state.
To present revival plan to board; Naik meets PMO official.
Engineering and construction major Larsen & Toubro has signed a memorandum of understanding with the US-based GE Hitachi Nuclear Energy, one of the largest nuclear power plant vendors in the world, for the construction of nuclear power plants in India.
Larsen & Toubro, now one of Satyam's largest single shareholders with 4 per cent, sees a lot of synergy between the core strengths of the beleaguered software giant with those of L&T Infotech, its unlisted information technology subsidiary.
The S&P BSE Sensex surged 160 points to close at 25,262.
Four companies, including India's largest private sector electricity generator Tata Power and infrastructure major Larsen & Toubro Ltd, chose not to bid for the Rs 16,000-crore ultra mega power project (UMPP) in Tilaiya in Jharkhand even as Reliance Power, Lanco Infratech and NTPC Ltd, the country's largest power producer, submitted their technical bids.
The survey takes into account factors such as financial reputation, vision, corporate reputation, quality and innovation.
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Larsen & Toubro, India's largest engineering company, has sought permission from the market regulator to sell its 6.9 per cent stake in Mahindra Satyam, which is currently valued at around Rs 900 crore.
Larsen and Toubro has outbid Hyundai, Samsung and NPCC to win two major offshore platform contracts from the Oil and Natural Gas Corporation, aggregating over Rs 5,300 crore.
The NSE Nifty settled flat at 5,054. The market breadth was fairly positive, out of 2,843 shares traded, 1,599 advanced and 1,166 declined on the BSE.
Engineering giant Larsen and Toubro (L&T) is selling a third of its 6.9 per cent stake in Mahindra Satyam, formerly Satyam Computer Services. The transaction is expected to fetch Rs 304 crore (Rs 3.04 billion) for the company, said banking sources.
The Nifty ended at 4,882 -- down 17 points. The BSE market breadth was negative. Out of 2,808 stocks traded 1,460 declined while 1,290 advanced.
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Shares of the company were trading at Rs 1240.10 apiece on the BSE at 1350 hours, down 1.23 per cent from the previous close.
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
After a strong start to the week on Tuesday, the Sensex this morning opened 15 points higher at 16,868 amid subdued global cues.
New Zealand batsman Ross Taylor has returned to side after recovering from eye surgery in late November and will rejoin the Test team for their two-match series against Bangladesh. Taylor had surgery to remove a pterygium, or growth, on his left eye that had affected his vision after the second Test victory against Pakistan in Hamilton. "It's great to have Ross back," New Zealand selector Gavin Larsen said in a statement on Thursday. "He has a phenomenal record that speaks for itself and he's coming off a terrific hundred in his last Test.
Engineering and construction major Larsen & Toubro would recruit nearly 10,000 people over the next three years for executing its various projects, company sources said on Friday.
In the face of a credit crunch in the global and domestic markets, Indian corporates will have to preserve capital and judiciously use it for their expansion plans, Larsen and Toubro chief financial officer Y M Deosthalee said.
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