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L & T To Make Presentation On Performance To Fis Today

The Larsen & Toubro (L&T) management is all set to make a presentation to the domestic financial institutions on Wednesday. A M Naik, managing director & CEO of the diversified conglomerate will be making the presentation on the performance of the company and will also be discussing the future prospects of the company with the financial institutions.

L&T officials said: "It is a routine presentation to be made to the investors on the company's performance." They, however, refused to divulge further details.

According to institutional sources, besides the performance of the company's different divisions, the other issue to be discussed is the induction of a non-executive chairman on the L&T board.

This would be L&T's first presentation to the financial institutions, after the A V Birla group company Grasim picked up a strategic 10.05 per cent stake in the engineering and cement major.

During April-December 2001, the local financial institutions and insurance had increased their combined stake from 32.41 per cent to 34.89 per cent.

Corporate bodies' holdings jumped from 10.59 per cent to 14.09 per cent which includes the 10.05 per cent equity held by Grasim Industries.

On the other hand, foreign institutional investors' stake in the company dropped from 13.27 per cent to 8.60 per cent. Mutual funds, GDR and public holdings stood at 2.5, 9.32 and 30.60 per cent, respectively.

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First Published: Wed, January 16 2002. 00:00 IST