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.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
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.
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.
After a strong start to the week on Tuesday, the Sensex this morning opened 15 points higher at 16,868 amid subdued global cues.
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.
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.
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.
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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.
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.
The S&P BSE Sensex surged 160 points to close at 25,262.
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.
Former cricketer Gautam Gambhir, actor Manoj Bajpayee, mountaineer Bachendri Pal, ISRO scientist Nambi Narayanan and Odisha tea seller D Prakash Rao were among the recipients of the honour.
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."
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.
The NSE Nifty ended at 4,239, up 28 points. The index had dropped 565 points in the last two trading sessions.
There were 35 defects that still remained to be resolved. Of these, 29 could not have been resolved during the monsoon since they required testing in absolutely calm seas. Nor is the Khanderi being commissioned with a full complement of its primary weapon, the torpedo.
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).
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.
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.
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.
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.
