Larsen & Toubro Ltd on Tuesday decided to demerge its cement business into a new cement firm.
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Larsen & Toubro, India's largest infrastructure builder, reported a 7 percent rise in quarterly profit, beating analyst estimates, as it booked increased revenue despite a weak domestic economy.
Deutsche Bank says rising debtor days and low customer advances imply significant net working capital requirement.
Construction major Larsen & Toubro is set to hike its topline to Rs 20,000 crore (Rs 200 billion) and said it will soon come up with a new business plan to ensure a 20 per cent annual sales growth by 2009.
Analysts caution against volatility and recommend buying stocks of companies that are on strong fundamental footing that have been beaten down badly in the recent carnage.
Larsen & Toubro Ltd will shortly file with the Bombay Stock Exchange its plans for a trust scheme for its employees to pick up 15 per cent stake of Grasim Industries Ltd.
Late selling in the market saw the Sensex close seven points lower at 9,374.
Anil Manibhai Naik, managing director and CEO, Larsen & Toubro, has stayed away from the media glare ever since the A V Birla-owned Grasim Industries Ltd made an open offer for the engineering and cement major about six months back.
Banning the import of platforms that are already being built in India serves little purpose.
Sebi view on Grasim-L&T row in few weeks
Investors, who invested in capital goods companies like Larsen & Toubro, Siemens, BHEL and ABB, would have made money even in falling markets.
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Larsen & Toubro on Monday said it has recorded a 30 per cent jump in net profit at Rs 132.35 crore (Rs 1.32 billion) for the quarter ended December 31, 2004 compared to Rs 101.8 crore (Rs 1.01 billion) in the year-ago period.
Chairman A M Naik said H2 of 2020-21 will herald better economic and business activity in terms of tendering, good liquidity, as well as revival of labour and supply chains.
The Sensex opened with a positive gap of 35 points at 11,114. The index zoomed to a new all-time intra-day high of 11,147, and is now up 54 points at 11,133.
The Sensex opened with a positive gap of 11 points at 10,852
Besides financials, shares of telecom, IT, auto and pharma were in demand.
After moving in a wide range of 10,206 to 10,423, the Sensex finally settled with a smart gain of 88 points at 10,370.
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