Larsen & Toubro has just announced a tie up with Sweden-based Scania to distribute its multi-axle trucks.
Benchmark indices Sensex and Nifty gave up early gains to close in negative territory on Thursday dragged down by IT and pharma stocks which fell amid fears of recession in the global economy. The 30-share Sensex opened higher and rose further to touch a day's high of 60,676.12 on gains in auto and capital goods shares. However, it gave up all early gains and later closed 412.96 points or 0.68 per cent lower at 59,934.01.
Engineering and construction major Larsen & Toubro (L&T) is planning a capital expenditure of Rs 2,500 crore (Rs 25 billion) for the financial year 2008-09. The company might raise Rs 500-700 crore (Rs 5-7 billion) through debt, equity or a debt-equity mix in the second half of the financial year.
Larsen & Toubro Ltd said on Tuesday the country's leading housing finance company Housing Development Finance Corporation and HDFC India Real Estate Fund will acquire a 25 per cent stake in L&T Urban Infrastructure Ltd.
The acquisitions, costing more than $1.6 billion, have helped Holcim corner close to quarter of the country's 189 million-tonne cement market. Lafarge, which entered India in 1999 by acquiring the cement division of Tata Steel and bought out Raymond's cement facility in 2001, has a capacity of only 5.5 million tonnes. Holcim also plans to invest around Rs 10,000 crore (Rs 100 billion) in the next five years to set up plants.
Engineering and construction major Larsen & Toubro Ltd has bagged a major order worth $30 million for upgrading facilities at the Bu Hasa project of the gas gathering and processing company GASCO at Abu Dhabi.
The Sensex opened 36 points lower at 15,755, but aggressive buying in Reliance, TCS and Larsen & Toubro saw the index rally to a high of 15,954. The Sensex finally ended with a loss of 95 points at 15,695. The NSE Nifty dropped 14 points to close at 4,733. ICICI Bank, Ranbaxy, HDFC Bank, SBI and Infosys, DLF and Cipla, Tata Motors, Wipro and HDFC were major losers. Reliance Energy, L&T, Tata Steel were major gainers. Reliance topped the value chart with turnover of Rs 375 cr.
Capital goods companies are likely to report double-digit growth in sales and profit for the first quarter of the 2023-24 financial year (Q1FY24), according to analysts. The performance will ride on lower raw-material costs and healthy execution of orders. Sales by capital goods companies are likely to increase 13-20 per cent year-on-year (YoY), five domestic brokerage firms said.
Equity benchmark indices Sensex and Nifty hit their all-time high levels on Friday helped by impressive GDP data and fresh foreign fund inflows. Also, a rally in global markets added to the positive momentum in the equity markets. The 30-share BSE Sensex jumped 1,139.04 points to 73,639.34 -- its all-time peak -- in the late afternoon trade.
From the Sensex firms, Tech Mahindra, NTPC, Tata Steel, Maruti, Infosys, Power Grid, Larsen & Toubro, Axis Bank, Titan, Reliance Industries, Wipro and Mahindra & Mahindra were the biggest gainers. Sun Pharma, UltraTech Cement, Tata Motors, Kotak Mahindra Bank, Bajaj Finance, State Bank of India and Nestle were among the laggards.
The Larsen & Toubro-Grasim deal is expected to aid the recovery in cement prices and limit the share of the multinational companies, according to CRIS INFAC, a research subsidiary of the rating agency CRISIL Ltd.
International Finance Corporation, the private sector arm of the World Bank Group, will provide a loan of $50 million to Larsen & Toubro, one of India's largest engineering and construction companies.\n\n\n\n
Larsen & Toubro, a cement and engineering conglomerate, said on Monday it had received a $103 million order from a unit of French building materials giant Lafarge to construct a cement plant in northern Bangladesh.
Axis Bank, Tata Steel, Kotak Mahindra Bank, ICICI Bank, Tata Motors, and Bajaj Finance were among the other major laggards. Tata Consultancy Services, Reliance Industries, UltraTech Cement, Infosys, HCL Technologies, and Tech Mahindra were among the gainers.
Equity investors suffered a massive loss of Rs 31 lakh crore on Tuesday as markets went into a tailspin with the BSE Sensex tumbling nearly 6 per cent as vote counting trends showed the BJP may not have a clear majority in the Lok Sabha polls. Erasing the record-rally of the previous trade, the 30-share BSE Sensex cracked 4,389.73 points or 5.74 per cent to settle at 72,079.05. During the day, the benchmark tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low of 70,234.43.
Grasim Industries Ltd has submitted an alternate proposal to Larsen & Toubro before the engineering major decides to demerge its cement business at its board meeting
Do you think company head honchos who slog all the time are very difficult to handle? Do they put a lot of stress on their subordinates' minds?
State-run Life Insurance Corporation of India has raised its holding in cement and construction major Larsen & Toubro by about one percentage point to 18.4 per cent.\n\n
Larsen & Toubro Ltd has secured a contract from National Highways Authority of India for constructing a six-lane dedicated flyover on National Highways No 1 (NH1) in Haryana at an estimated cost of Rs 418 crore.
L&T chairman AM Naik speaks about on his blueprint to simplify the 'complex' structure of the company.
The NSE Nifty ends at 4,619, up 53 points.
The market capitalisation of BSE-listed firms jumped to an all-time high of Rs 304.53 lakh crore on Wednesday, buoyed by an unprecedented rally in equities where the BSE benchmark Sensex ended over the 67,000-mark for the first time ever. Rallying for the fifth day running, the 30-share BSE Sensex climbed 302.30 points, or 0.45 per cent, to end at its lifetime closing high of 67,097.44 points. During the day, it jumped 376.24 points, or 0.56 per cent, to reach its all-time intra-day peak of 67,171.38 points.
A M Naik, chairman and managing director of L&T, said the details, such as the size of the funds required for each of these companies and proposed dilution of the equity, were yet to be worked out.
Among the Sensex firms, Asian Paints, NTPC, Tata Motors, Bharti Airtel, State Bank of India, Larsen & Toubro, Wipro, Tech Mahindra, Tata Consultancy Services, ITC, HDFC Bank and Maruti were the biggest winners. Hindustan Unilever, Infosys, UltraTech Cement, Bajaj Finance, Nestle, Axis Bank, Reliance Industries and HDFC were among the laggards.
Benchmark BSE Sensex closed above the historic 66,000-mark for the first time while NSE Nifty hit a new all-time closing high driven by heavy buying in IT counters and fresh foreign fund inflows. Optimism in global equity markets also helped the local markets maintain their winning momentum for a second day. The 30-share BSE Sensex jumped 502.01 points or 0.77 per cent to settle at its new all-time closing high of 66,060.90.
Equity benchmark Sensex gained 37 points on Thursday, tracking gains in index majors Kotak Bank, L&T and Bharti Airtel amid a largely negative trend in global markets. After a largely choppy session, the 30-share BSE index ended 37.87 points or 0.06 per cent higher at 60,298 after starting the trade on a weak note. During the day, it hit a high of 60,341.41 and a low of 59,946.44.
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