L&T shares up as company plans to list IT services unit by Dec

Shares of Larsen & Toubro gained almost 2 per cent today as the engineering and construction major announced that it will list its IT services unit L&T Infotech by year-end.
The stock ended at Rs 1,765.05, up 1.96 per cent from its previous close on the BSE. During the day, it rose by 2.25 per cent to Rs 1,770.
On the NSE, shares of L&T went up by 1.96 per cent to Rs 1,766.55 at close.
In terms of volume, 2.23 lakh shares of the company changed hands at the BSE and over 15 lakh shares were traded at the NSE during the day.

The company will list its IT services unit L&T Infotech by December, Chairman AM Naik said in an interview to CNBC TV18.
The conglomerate will sell 10 per cent stake in the IT services and solutions provider, Naik said.

A wholly-owned subsidiary of the company, L&T Infotech, with nine delivery centres, is expanding into new geographies even as it consolidates its client facing organisation in North America and Europe.
The clients of the unit include Chevron, Freescale, Hitachi, Sanyo and Lafarge, among others.
Naik also said the company will look at listing other businesses, including its hydrocarbons and transmission and distribution units over the next few years.