L&T rises after announcing new strategic initiative

Larsen & Toubro rose 0.53% to Rs 1391.35 at 13:47 IST on BSE after the company announced a new strategic initiative, L&T-Nxt.

The announcement was made during trading hours today, 29 March 2019.

Meanwhile, the S&P BSE Sensex was up 110.53 points, or 0.29% to 38,656.25.

On the BSE, 2.17 lakh shares were traded in the counter so far compared with average daily volumes of 3.28 lakh shares in the past two weeks. The stock had hit a high of Rs 1,405 and a low of Rs 1,386.85 so far during the day. The stock hit a 52-week high of Rs 1,459.10 on 21 December 2018. The stock hit a 52-week low of Rs 1,183.40 on 23 October 2018.

Larsen & Toubro (L&T) has announced a new strategic initiative, L&T-Nxt, to define the future of the organization from a fresh perspective. It has been identified as a select initiative in L&T's five-year strategic plan.

In consonance with the expectations of a new age industry, L&T-Nxt will focus on the areas of artificial intelligence (AI), internet of things (IoT), virtual reality, augmented reality, geo-spatial solutions and cyber security and leverage the experience that L&T has garnered over the decades.

L&T, through its current construction, EPC and manufacturing businesses, has made one of the largest deployments of loT, analytics and Al in the industrial sector by converting most operational matters online, finance, human resources, labour, plant, material, etc. into smart, affordable and extremely efficient solutions, the company said in a statement.

Having reached a critical juncture in its developmental cycle, L&T is training its sights towards accelerating top line and bottom-line growth and, at the same time, expand its potential for value creation by adopting a fresh mind-set and building a new structure ground up.

L&T is ideally placed to capitalize on these huge emerging opportunities with its large palette spanning software-to-hard core engineering, backed by a strong technology base, capability development in some of these select verticals has been in the works under a long-term strategic plan and L&T's management is focused on incubating and scaling these business, mapping the landscape, formulating the road ahead, and achieving the stated goal with go to market solutions, the company added.

L&T's consolidated net profit rose 37.02% to Rs 2041.62 crore on 24.22% rise in net sales to Rs 35708.87 crore in Q3 December 2018 over Q3 December 2017.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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