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.
L&T plans to transfer the equity of L&T in their joint ventures with Mitsubishi Heavy Industries into L&T Power through a book transfer, if clauses for the re-tender remain the same, company executives told Business Standard.
L&T Infotech and Mindtree on Friday announced a mega-merger to create an efficient and scaled-up IT services provider, exceeding $3.5 billion in combined revenue, according to a statement. The name of the combined entity will be 'LTIMindtree', the statement said. In an all-share deal, L&T Infotech will offer 73 shares for every 100 shares of Mindtree.
'Over the next 12 months, it will be difficult to make 15 to 20 per cent return in the markets as the valuations appear stretched.'
The companies include Larsen & Toubro, Hindustan Unilever, Infosys, TCS and Sun Pharma
The Bill will be tabled in the winter session of Parliament later this year.
Equity benchmarks ended lower on Tuesday, putting a break to their seven-day rally, amid weak Asian market cues and mixed trends from European stocks. The 30-share BSE benchmark failed to hold on the early gains and declined 287.70 points or 0.48 per cent to finish at 59,543.96. During the day, it hit a low of 59,489.02 and a high of 60,081.24.
The six Pinaka Regiments comprise of 114 Launchers with automated gun aiming and positioning system and 45 command posts to be procured from M/s TPCL and M/s L&T, and 330 vehicles to be procured from M/s BEML.
The BoA also allowed three developers, including Unitech Infopark, to surrender their SEZs, he said, adding they would have to pay back the tax concessions availed while executing the projects and other pending dues.
From the Sensex firms, Bajaj Finance, Bajaj Finserv, Infosys, Bharti Airtel, Kotak Mahindra Bank, Larsen & Toubro, Mahindra & Mahindra, ITC, Tech Mahindra, Tata Steel, Tata Motors, Titan, Reliance Industries and Nestle were the major winners. Hindustan Unilever, Power Grid, Axis Bank, Tata Consultancy Services, State Bank of India, Asian Paints and Wipro were the laggards.
Sebi view on Grasim-L&T row in few weeks
From the Sensex pack, ICICI Bank, Bharti Airtel, HDFC, ITC, Nestle, Larsen & Toubro, Asian Paints, Mahindra & Mahindra, Power Grid and IndusInd Bank were the major laggards on Friday. In contrast, Bajaj Finserv, Titan, Bajaj Finance, Tata Steel, Tata Motors, Wipro, Kotak Mahindra Bank, Tech Mahindra, Reliance Industries and State Bank of India were the major winners.
There are some companies in the sector that have seen a decline in revenues but their performance is not sufficient to cause such a decline in industrial production data.
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.
The company, which has been selling mining trucks in collaboration with Larsen & Toubro since 2007-08, has formed an Indian arm, Scania Commercial Vehicles India Pvt Ltd.
Benchmark indices bounced back on Wednesday after a two-day decline, with the Sensex and Nifty climbing nearly 1 per cent each, tracking a positive trend in European markets. Buying in IT and bank stocks also supported the recovery in equities. The 30-share BSE benchmark jumped 547.83 points or 0.99 per cent to settle at 55,816.32.
Benchmark BSE Sensex and Nifty closed lower by nearly 1 per cent on Tuesday amid fresh foreign fund outflows and mixed global trends. The 30-share BSE benchmark fell by 497.73 points or 0.89 per cent to settle at 55,268.49, extending its losses for second straight day. During the day, it tanked 562.79 points or 1 per cent to 55,203.43. The broader NSE Nifty declined by 147.15 points or 0.88 per cent to 16,483.85.
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.
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.
From the Sensex pack, Infosys jumped the most by 3.67 per cent. Asian Paints, HCL Technologies, Reliance Industries, ICICI Bank, Wipro, NTPC, Tech Mahindra, Bajaj Finserv and Larsen & Toubro were among the other major gainers. State Bank of India, Bajaj Finance, Titan, Tata Steel, Tata Motors and UltraTech Cement were among the laggards.
The Sensex ended lower by 63 points at 17,059 and the 50-share Nifty shed 16 points to close at 5,179 levels.
Fresh order wins for capital goods and industrial companies may have seen a major slump due to Lok Sabha polls in the first quarter of the current financial year (Q1FY25). At the same time, revenue and profit growth trajectory is expected to have stayed the course, according to brokerage firms. Elara Capital, Motilal Oswal, and InCred Equities expect this sector universe to report a 12- 21 per cent growth in revenue, 21 -36 per cent growth in Ebitda and 24-38 per cent growth in profit on a year-on-year (Y-oY) basis.
The orders will be jointly executed by L&T's Heavy Engineering Division and the Engineering & Construction division
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
Among the Sensex firms, ITC, NTPC, Axis Bank, Larsen & Toubro, Bajaj Finance, Asian Paints and Tata Steel were the major gainers. Mahindra & Mahindra, Wipro, Maruti, IndusInd Bank, Kotak Mahindra Bank and HDFC Bank were among the laggards.
Old economy companies such as Hero, M&M (Tech Mahindra), Aditya Birla, Essar, Hindujas and Larsen & Toubro have sprung into action with large acquisitions and major deals.
A consortium of India's largest engineering company Larsen & Toubro (L&T) and non-resident Keralite (NRK) businessman P Mohamed Al-led Galfar Engineering & Contracting has bagged the design and development order for the New Salalah International Airport in the Sultanate of Oman for $764 million (Rs 3,452 crore).
Sudip Banerjee, CEO, L&T Infotech talks about business post-Satyam, expansion plans and bigger acquisition targets.
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.
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 (L&T), the technology, engineering, construction and manufacturing company, has scaled down its stake in Mahindra Satyam, the erstwhile Satyam Computer Services, to a little over two per cent.
Two former directors on the Larsen & Toubro board have returned the employee stock option shares to the company following an out-of-court settlement reached this week with two government-owned financial institutions.
With passage of the nuclear liability Bill, the heavy engineering supply chain, led by Bharat Heavy Electricals Ltd (BHEL), Larsen & Toubro (L&T) and Bharat Forge Ltd (BFL), is gearing to take up the challenge ahead.
In a communication to L&T, the financial institutions on Thursday said they were withdrawing the nominations of Sinha and Deshmukh from the board with immediate effect.
The domestic capital goods industry has been going through a boom for the last five years and appears confident of maintaining the same momentum in the current year.
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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