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.
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
The S&P BSE Sensex surged 160 points to close at 25,262.
After a strong start to the week on Tuesday, the Sensex this morning opened 15 points higher at 16,868 amid subdued global cues.
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.
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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.
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.
Engineering giant Larsen and Toubro, which acquired little over four per cent stake in Satyam in less than a month, is believed to have approached the government on Tuesday, evincing interest to buy the troubled IT company.
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.
Three manufacturing sectors (engineering and construction, industrial commodities and materials and commodities) created more value for its shareholders in last five years than IT or pharmaceutical companies. Engineering and construction companies, led by Larsen & Toubro and BHEL, posted a total shareholder return of 81 per cent in the last five years trailing March 31, 2007, the BCG-CII study showed.
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has signed a Rs 4,000-crore agreement with Larsen & Toubro Ltd, the engineering and construction major, for supply of equipment for its Nigrie Super Thermal Power Project in Madhya Pradesh.
Larsen & Toubro on Monday said it is yet to take any decision on selling its over 8 per cent stake in Mahindra Satyam, but had sought market regulator Sebi's approval for offloading the holding in the IT company.
A team from India's $7 billion engineering behemoth, Larsen & Toubro, which holds 12 per cent stake in Satyam Computer Services started inspecting the books of the troubled company.
At least seven companies, including Larsen & Toubro, i-Gate, Spice and Mahindra Group, have already submitted proposals to the board last week and the bids to be accepted till March 20. The board has already said that it has received adequate interest from both Indian and international bidders, including private equity firms.
The board will make the financial and legal data available to those shortlisted companies who will qualify in the EoI criteria.
Larsen & Toubro Ltd's board will meet held on Jan 29 to consider and take on record the unaudited financial results of the company for the quarter ended December 31, 2002.
Engineering major Larsen & Toubro said on Tuesday it has not received any intimation from market regulator Securities and Exchange Board of India regarding its chairman and managing director, A M Naik's comment on the Satyam issue.
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
Amid a crowd of suitors lining up for acquiring Satyam Computer Services, the board of the beleaguered IT firm started its meeting on Wednesday.
After last Monday's massive fall in the Indian markets, a lot of quality stocks have fallen significantly.
Speaking to private TV news channel CNBC TV18, Naik said, "Some corporate action will take place in the near future but we cannot comment on taking over Satyam at this stage."
India Inc raised $2.78 billion from overseas markets in October this year, up 44 per cent from a year ago, according to the Reserve Bank data released on Friday.
The NSE Nifty ended at 4,239, up 28 points. The index had dropped 565 points in the last two trading sessions.
Comparing the capabilities of India and China in services and manufacturing respectively, Finance Minister P Chidambaram empasised the need to excel in the manufacturing sector.
Indian corporates have raised around $11.9 billion through overseas borrowing in the first five months of 2007-08, according to the Reserve Bank of India (RBI) data on external commercial borrowings (ECB).
The Anchor and Panasonic connection is a blend of legacy and quality and there really is no question of substituting one for the other. Panasonic is banking on Anchor's familiarity and widespread recall, to push its way ahead in the premium, automation-aided home appliances and accessories market.
The Foreign Investment Promotion Board has cleared a proposal by German plastic moulding major Ralf Schneider to set up a wholly-owned subsidiary in India, setting aside objections raised by its former Indian partner Larsen & Toubro under Press Note 1 of the Foreign Direct Investment policy.
India only has 3.5 million workers undergoing skills courses a year, compared with 90 million in China
Amongst the most aggressive of India's hopeful new Lockheed Martins is the Rs 1,30,000-crore Tata Group, which has launched a carefully crafted bid to become a major player in India's defence industry.
The progress of the GST Bill in Parliament is also likely to remain in focus
Shares of ITC, Axis Bank and Larsen & Toubro are likely to stay with the Specified Undertaking of the Unit Trust of India, which was to be wound up in June.Legal opinion received by the government suggests that SUUTI can exist as long as all investors in one of the schemes floated by the erstwhile Unit Trust of India have not redeemed their investment, sources close to the development said. The value of the shares of the three blue chips was estimated at over Rs 15,000 cr.
Hinting towards a possible takeover of Satyam Computer, engineering major Larsen & Toubro on Friday raised its stake in the beleaguered IT firm to 12 per cent through open market share purchases.
French cement major Lafarge SA, the world's second-largest cement maker, has emerged the frontrunner in the race to acquire the ready-mix concrete business of engineering and construction major Larsen & Toubro.
Eight of the 30 companies in the BSE Sensex that shared data reported 99 fatalities in 2016-17 against 86 in the previous year. These lives were lost due to industrial accidents at manufacturing facilities. Fatalities owing to road accidents were excluded from the count.
Indian companies led by Anil Ambani's Reliance Power (RPower), Nuclear Power Corporation of India (NPCIL) and Bharat Heavy Electricals (BHEL) plan to invest over Rs 100,000 crore in the next five years to expand their presence in the nuclear energy sector after the country signs the nuclear agreement with the US, paving the way for import of fuel and transfer of technology.
Grasim Industries Ltd said it that since Larsen & Toubro Limited is contemplating consideration of the existing proposal before it to demerge its cement business, Grasim should also submit an alternate proposal.
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