Page 20 - L&t

L&T likely to meet revised order guidance for FY18

L&T, in November, revised its order inflow growth guidance for the current financial year to 'muted' from the earlier stated 12 per cent

L&T to set up Rs 500 crore missile systems plant for armed forces

L&T and the French major MDBA had announced the 51:49 JV for the missile and missile systems business

L&T bags Rs 1,700-cr crude oil pipeline contract from Kuwait Oil Company

Engineering conglomerate Larsen & Toubro (L&T) today said it has won a Rs 1,700 crore contract in Kuwait for building a crude oil pipeline. "L&T's hydrocarbon division has bagged a major pipeline contract with a value close to Rs 1,700 crore from Kuwait Oil Company (KOC) for Engineering, Procurement and Construction of a new 48" Crude Transit Line (TL-5) from North Kuwait to Ahmadi," the company said in a statement. The project is scheduled to be completed in the third quarter of 2020. The company said the order was won against stiff international competitive bidding which reinforces its capability to deliver 'design to build' engineering and construction solutions across the hydrocarbon spectrum. L&T is currently executing Gathering Centre-30 (GC-30) project for KOC. The company has been serving the onshore hydrocarbon sector since early 1990s. L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial ...

Western protectionism fears more media hype than actual, says AM Naik

Terming the lingering uncertainties due to Brexit and protectionism in the US as "media hype", veteran business leader A M Naik today said major markets have settled down to "business as usual" now. "In the recent past, there has been lots of talks about protectionism in the US and uncertainties arising from the Brexit. This has resulted in many companies adopting a 'wait and watch' attitude," he said, addressing L&T Technology Services ((LTTS) annual general meeting here. "Much of this uncertainty has been the result of media hype, and the major markets seem to have settled down to 'business as usual'," Naik told the shareholders at his last annual general meeting. It can be noted that Britons' desire to leave the Euro Zone has in the past led many tech companies to report reverses in business, while the protectionist tendencies in the US have also forced to move for cover by increasing the local hiring. Naik, the chairman of LTTS, said the US, the company's focus market, has

L&T delivers two high-speed interceptor ships to Indian Coast Guard

Engineering firm Larsen & Toubro (L&T) today said it has delivered two more high speed interceptor ships to the India Coast Guard at the company's Kattupalli shipyard in Chennai in Tamil Nadu. The delivery of the C-433 and C-434 high speed interceptor ships is part of the two contracts being executed by L&T for design and construction of 54 interceptors to the Indian Coast Guard, valued at Rs 1,424 crore, the company said in a statement issued here. With these two, 34 interceptors have been delivered by the company, so far, it said. "We appreciate the urgent need of Indian Coast Guard to augment coastal security in these turbulent times. Our production is over one year ahead of schedule and we are ready to deliver the remaining 20 vessels to Coast Guard anytime suiting their operational requirements," company's CEO and Managing Director SN Subrahmanyan said. Besides interceptor vessels programme, L&T has also been mandated by the Coast Guard to design and build ...

L&T gets Rs 1050-cr contract for rail tracks electrification

The Indian Railways today awarded a Rs 1,050-crore contract for electrification of 781-km rail tracks to multinational conglomerate Larsen & Toubro Limited. This is the first engineering, procurement and construction (EPC) contract of the Indian Railways under its Mission Electrification. "The Indian Railways has given higher thrust on infrastructure creation, electrification. During last four years, total 103 railway electrification projects consisting of 16,815 route kilometres at an estimated cost of Rs 17,615 crore have been sanctioned," Railways Minister Suresh Prabhu said at an event to exchange the contract of agreement. The contract to L&T has been awarded for electrification in two sections -- the Delhi-Sarai Rohilla-Rewari and Alwar- Bandikui-Jaipur-Phulera-Ajmer section (353-route-km at a cost of Rs 594 crore) and the Roha-Verna section of Konkan Railway (428-route-km at a cost of Rs 456 crore). This is for the first time that the railways has entrusted new ...

L&T Construction bags orders worth Rs 5,146 crore

Engineering giant Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 5,146 crore across business segments. "The construction arm of L&T has won orders worth Rs 5,146 crore various business segments," the infrastructure major said in a BSE filing. L&T said its power transmission and distribution business bagged orders worth Rs 2,780 crore in the domestic and international market. Its smart world and communication business has secured an order worth Rs 221 crore from Rajasthan Rajya Vidyut Prasaran Nigam. While its water and effluent treatment business has bagged a Rs 1,292 crore order. L&T said said its building and factories business has won Rs 534 crore, and metallurgical and material handling segment has won Rs 319 crore order. Shares of the company were trading at Rs 1,773.05 apiece, down 0.84 per cent from the previous close on the BSE.

L&T signs deal with South Korea's HTW to supply howitzer to Indian army

Engineering conglomerate Larsen and Toubro inked a deal with South Korean defence major Hanwha Techwin (HTW) today to jointly manufacture over 100 self- propelled howitzers for Indian Army at a cost of nearly Rs 4,500 crore. The first batch of the 155mm/52 Cal Tracked Self Propelled (SP) gun -- K9 VAJRA-T -- will be delivered later this year and the entire supply will be made within a span of 42 months. While 10 guns will be directly brought from South Korea, 90 will be manufactured in L&T's Strategic Systems Complex in Talegaon near Pune. The K9 VAJRA-T gun is an enhanced version of HTW's K9 Thunder which is known as one of the best performing self- propelled howitzers in the world. At a function to sign the deal, South Korea's Minister for Defence Acquisition Chang Myoung Jin said his country would like to significantly expand defence ties with India as envisaged during Prime Minister Narendra Modi's visit to Seoul in 2015. "Today, we have taken our defence partnership to a

Labour union alleges big scam in L&T cement sale to Grasim in 2005

A labour union today alleged many irregularities in the 2004-05 sale of Larsen & Toubro's cement business to Grasim and accused outgoing chairman AM Naik of cornering Rs 600 crore from the transaction. The allegations were made by a union called Loyal Tigers Welfare Association at a press meet where they also claimed that a public interest litigation has been filed in the Bombay High Court on March 21 against the top L&T management, including Naik who is retiring in September. When contacted an L&T spokesman said the union is not recognised by the company and they are yet to receive any communication from the court on the matter. Loyal Tigers alleged that during the sale of L&T's cement business to the Birlas-owned Grasim in 2004-05, the engineering firm received shares from the Birla firm directly into a foundation called the Employees Benefit Foundation of L&T, which owns 12.5 per cent equity in the engineering major. "These shares should have been with ...

L&T names Subrahmanyan as CEO; Naik, non-executive chairman

Engineering conglomerate L&T today named S N Subrahmanyan as its new CEO with effect from July, while long-serving head A M Naik will move to a new position of non-executive Chairman effective October 1. The appointments, approved by the board of Larsen and Toubro today, will mark a major change in leadership positions at the company where Naik has served for over 52 years, including as its head for over 17 years. He became CEO and Managing Director in 1999, and was appointed as chairman in 2003. Naik will assume the new role of non-executive chairman for a period of three years beginning October 1, immediately upon his retirement as Executive Chairman on September 30. Subrahmanyan will take over as the chief executive officer and managing director from July 1, a company filing to the stock exchanges said. L&T is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations, with revenue of USD 16 billion.

L&T bags Rs 2,400-crore job orders

Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 2,400 crore in domestic and international markets. "The power transmission and distribution business of L&T Construction has recently bagged major orders worth Rs 2,400 crore in the domestic and international markets," the engineering and construction major said in a BSE filing. L&T said that its power transmission and distribution business has secured repeat order of 400 kv transmission lines and sub-stations, 33 kv primary substations and related cabling on turnkey basis in the Middle East and Africa. It has also received orders to build transmission lines at voltage levels of 765 kv and 400 kv across different states. The stock was trading 1.18 per cent up at Rs 1,564 on the BSE.

L&T in race against time to meet FY17 revised order inflow guidance

Order inflow guidance was revised from 15% to 10% and revenue guidance was seen at 10% against 12%

L&T Realty exits from Chennai township projects

L&T Realty Limited has sold its stake in L&T South City Projects, which is building a township project at Chennai. Stake sale estimated to be around Rs 190 crore.The company has executed Share Purchase Agreement for sale of its 51 per cent stake in L&T South City Projects Private Limited to Pragnya Group, an investment firm.L&T South City Projects is engaged in the development of a 92-acre residential township at Siruseri, one of the IT hubs of located at Old Mahabalipuram, Chennai.Limited scalability of the business in the project for L&T Realty Ltd, was the rationale behind the sale, said the company.Networth of the SPV was Rs 134.05 crore as on March 31, 2016.The buyer Pragnya Group is an investment firm with a focus on fund management, property development and asset management.The Group has been involved with L&T South City Projects and the development of the Siruseri project since its inception.ends

L&T Infra Debt to raise Rs 2,500 cr to refinance projects

The company's portfolio comprises projects with an average of four years of satisfactory operations

L&T to provide vocational skills training to Ugandan youth: Rahul Sikka

Rahul Sikka, Larsen and Toubro's Vice President and Head Africa Power Transmission and Distribution, has welcomed the decision to manufacture in Uganda with Indian skills and expertise, saying the local population needs to be empowered for long-term goals."I have been informed by my team in India that the Government of Uganda actually came to India to source an organization that could provide vocational skills. L&T has nine CSTIs i.e. Construction Skills Training Institutes (CSTI) and we have been shortlisted by the Ugandan Government and this is not known to everybody because it is still just happening. So, we will be providing the Vocational Skills Training and we believe very strongly that's the way to go," Sikka told ANI in an exclusive interview."Whichever country we should go as Indians we should believe that the local population needs to be empowered, needs to be included in anything and everything we do because that's what's long-term and that's what sustains," he ...

H1B salary hike plan: L&T Tech fears 2.5% hit on margins

While H1B visa holders draw $62,000-65,000 a year, L&T workers' average salary is $75,000-80,000

L&T: Weak Q3, cut in guidance could hurt sentiment

Its net revenues grew by 1.4% to Rs 26,287 cr, while net profit increased 39% to Rs 972 cr y-o-y

L&T Q3 profit up 39%, cuts FY17 revenue growth guidance to 10%

The company recorded consolidated revenue for the quarter at Rs 26,286 crore

L&T profit up 39%; revises its revenue, order inflow guidance

Management noted demonetisation caused disruption, would be difficult to quantify scale of impact

L&T Q3 net up 39% at Rs 972 crore, calls note ban 'a disruptor'

L&T's total income from operations rose to Rs 26,286.98 crore during the quarter under review