Page 4 - Larsen & Tourbo

L&T to seek expert opinion to review Cognizant bribery case probe

L&T said its management presented all details of its construction contracts with Cognizant as well as details regarding the ongoing proceedings before the US Department of Justice

L&T shares shrug off buyback rejection; shares end marginally lower

Sebi's cancellation of buyback was on account of difference in interpretation of the law, said company sources and analysts

PM Modi inaugurates L&T's howitzer gun-manufacturing unit in Surat

Prime minister Narendra Modi inaugurated the howitzer gun-manufacturing unit of Larsen & Toubro (L&T) at Hazira in Surat on Saturday. L&T had won the Rs 4,500-crore contract to supply 100 units of the K9 Vajra-T 155 mm/52 calibre Tracked Self-Propelled gun systems to the Indian Army in 2017. The company has set up the Armoured Systems Complex at its Hazira facility, around 30 km from Surat, to manufacture the guns. The Armoured Systems Complex is the first such facility in the country's private sector, an official said.

L&T Hydrocarbon arm bags two orders from Saudi Aramco for undisclosed sum

Larsen & Toubro (L&T) Hydrocarbon Engineering Tuesday said that it has, in consortium with Subsea 7, has bagged two projects from the world's largest oil company Saudi Aramco. The company, however, did not share the value of the contracts. "The award (of projects) consists of engineering, procurement, construction and installation (EPCI) of three oil production deck manifolds and subsea pipelines in Zuluf and Berri fields of Saudi Aramco," L&T said in a BSE filing. L&T Hydrocarbon Engineering is a wholly-owned subsidiary of Larsen & Toubro. This is the fifth award for the consortium and provides for significant pipeline projects for the firms, the company said. "At present, there are four offshore contracts under execution by the consortium for Saudi Aramco under the long-term agreement," it added. Shares of L&T were trading 0.41 per cent higher Rs 1,339.45 apiece on BSE.

Benagluru's top developers bid for L&T land in a deal worth Rs 8-10 bn

The land has development potential of 4 million square feet, and it could become the largest land deal in south India this year

L&T divests stake in L&T Tech to meet 25% minimum public shareholding

L&T has time till September 2019 to bring down its stake to at least 75%

BSE Capital goods index hits 18-month high; BHEL at 52-week high

In past five trading sessions, the capital goods index rallied 5.2% against 2% rise in Sensex

L&T Tech may file for offer on Friday

Following the successful initial public offering (IPO) of L&T Infotech, engineering major Larsen & Tourbo (L&T) is ready to take another group company public. According to sources, L&T Technology Services will file the draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) on Friday. The IPO size could be between Rs 900 and Rs 1,000 crore, said sources. L&T Technology operates in the niche engineering research and development space. SBI caps, JM Financial, Kotak Mahindra and Bank of America Merrill Lynch are the investment bankers to the IPO. L&T successfully divested a little over 10 per cent in its IT services arm L&T Infotech through an IPO, which closed on Wednesday. L&T Technology Services' had clocked revenues of $470 million for FY16.