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BOM:500510

26 stories mentioning BOM:500510Updated 17h ago

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Asia

Larsen & Toubro's Business Vertical Gets Limited Notice to Proceed for Power Plant Project

Larsen & Toubro's (NSE:LT, BOM:500510) business vertical, L&T Energy CarbonLite Solutions obtained a Limited Notice to Proceed from NTPC for a power plant project.The project involves the construction of two state-of-the-art 800 megawatt ultra-supercritical generating units under a thermal power plant in Chhattisgarh, according to a Thursday Indian bourse filing.The company will secure the Notice to Proceed once the project gets environmental clearance and the Limited Notice to Proceed period is completed.

BOM:500510NSE:LT
Asia

Larsen & Toubro's Unit Bags EPC Contract from Kuwait Oil

Larsen & Toubro's (NSE:LT, BOM:500510) EPC wing, L&T Energy Hydrocarbon Onshore secured a major EPC contract from Kuwait Oil Company for its Jurassic Light Oil export facilities.The company will provide engineering, procurement, and construction services for six crude oil storage tanks with a 618,000 barrel operating capacity each, alongside related facilities, according to a Wednesday Indian bourse filing.The agreement will also cover the upgrade of Kuwait Oil Company's existing export network, including the installation of new pipelines.

BOM:500510NSE:LT
Asia

Larsen & Toubro Board Clears Merger of Power Development Unit

Larsen & Toubro (NSE:LT, BOM:500510) said its board has approved the merger of wholly owned subsidiary L&T Power Development with the company, according to a Tuesday exchange filing.The proposed amalgamation, which requires approvals, including sanction from the Mumbai bench of the National Company Law Tribunal, will result in the dissolution of L&T Power Development without winding up.Upon the scheme becoming effective, all shares held by L&T in the subsidiary will be canceled.

BOM:500510NSE:LT
Asia

Larsen & Toubro's Profit Climbs in Fiscal Q1

Larsen & Toubro (NSE:LT, BOM:500510) recorded an attributable profit of 41.2 billion Indian rupees in the first fiscal quarter, up from 36.2 billion rupees a year prior.Earnings per share increased to 29.96 rupees from 26.29 rupees in the year-ago period, according to a Tuesday Indian bourse filing.Revenue from operations increased to 679.4 billion rupees from 636.8 billion rupees previously.

BOM:500510NSE:LT
Asia

Larsen & Toubro, Hitachi Energy Secure Four Offshore Wind Projects Under TenneT Framework

Larsen & Toubro (NSE:LT, BOM:500510) has signed a framework cooperation agreement with Dutch transmission system operator TenneT for four offshore wind projects under the Dutch grid operator's 2 GW high-voltage direct current (HVDC) program.The agreement, executed through L&T's consortium with Hitachi Energy, includes two ongoing projects in the Netherlands, IJmuiden Ver Alpha and Nederwiek 1, and two new projects, Nederwiek 3 in the Netherlands and LanWin 5 in Germany. It also covers future opportunities under the program, according to a Tuesday filing on Indian bourses.

BOM:500510NSE:LT
Asia

Larsen & Toubro's ESG Score Cut to 69.8 by SES

Larsen & Toubro (NSE:LT, BOM:500510) said SES ESG Research revised its ESG score to 69.8 from 71.3 in June.The lower score was mainly due to a decline in environmental and social performance, according to a Monday filing on Indian bourses.Shares of the company rose nearly 1% in recent trade.

BOM:500510NSE:LT
Asia

Fitch Affirms L&T Finance's BBB- Rating; Outlook Stable

Fitch Ratings has affirmed L&T Finance's (NSE:L&TFH, BOM:533519) long-term foreign- and local-currency issuer default ratings at BBB-, with a stable outlook, according to a Wednesday filing to the Indian stock exchanges.The ratings agency has also affirmed L&T Finance's Shareholder Support Rating at bbb-.Fitch said the rating reflects its expectation that the non-banking finance company's parent, Larsen & Toubro (NSE:LT, BOM:500510), would provide extraordinary support, if required.

BOM:500510BOM:533519NSE:L&TFHNSE:LT
Asia

Larsen & Toubro Unit L&T Vyoma Partners With Fortanix on Sovereign AI, Data Security Solutions

Larsen & Toubro's (NSE:LT, BOM:500510) digital infrastructure business, L&T Vyoma, has partnered with Fortanix to jointly offer sovereign AI and data security software-as-a-service solutions for enterprises and government organizations in India.Under the partnership, L&T Vyoma will offer AI cloud infrastructure, while Fortanix will secure data and AI workloads using confidential computing technology, according to an Indian bourse filing on Wednesday. The companies also plan to jointly develop AI security solutions and pursue co-selling opportunities in regulated industries.

BOM:500510NSE:LT
Asia

Fitch Affirms Larsen & Toubro at BBB+ on Strong Market Position

Fitch Ratings has maintained Larsen & Toubro's (NSE:LT, BOM:500510) BBB+ long-term foreign and local-currency issuer default ratings with a stable outlook, according to a recent release.The ratings reflect the company's robust position in engineering and construction, supported by above-average profitability and strong order backlog and revenue visibility, Fitch said.The company's competitive advantages, including wide scale and high brand recognition, have helped it boost its clientage in India and overseas, according to Fitch.The company's history of stable margins and diversification into steady, high-margin IT and technical services aids in offsetting sectoral risks, the rating agency said.The company has limited exposure to the Iran war and has a healthy financial framework and financial flexibility.Significant overseas earnings, a solid financial profile, and offshore funding flexibility help lift the company's local currency issuer default rating above that of the sovereign.The outlook is stable, based on Fitch's view that the company will retain a solid net cash position even with increased growth investments, anchored by further EBITDA growth, and controlled financial management and shareholder returns.

BOM:500510NSE:LT
Asia

Fitch Affirms Larsen & Toubro's BBB+ Rating, Stable Outlook

Fitch Ratings has affirmed India's Larsen & Toubro (NSE:LT, BOM:500510) long-term foreign- and local-currency issuer default ratings at BBB+, according to a statement issued on Friday.The outlook has been maintained as stable.The company's ratings were supported by its strong global market position in engineering and construction, with "above-average profitability and solid revenue visibility", Fitch said.The ratings agency further said the stable outlook reflects its expectation that L&T will maintain a good net cash position despite higher growth investments, supported by continued EBITDA growth, and prudent financial management and shareholder returns.

BOM:500510NSE:LT
Asia

Larsen & Toubro Forms New Step-Down Subsidiary for AI Infrastructure, Technology Services

Infrastructure and engineering major Larsen & Toubro (NSE:LT, BOM:500510) has incorporated a step-down subsidiary named LTN Compute, according to a filing to the Indian stock exchanges on Sunday.Vyoma.AI, a wholly owned subsidiary of the company, owns 100% of the new entity.LTN Compute has been formed to establish an AI compute infrastructure and provide technology-enabled services.

BOM:500510NSE:LT
Asia

Larsen & Toubro Arm Secures 'Significant' Orders of Up To INR25 Billion

L&T GeoStructure, a wholly-owned subsidiary of Larsen & Toubro (NSE:LT, BOM:500510), secured "significant" new orders in India valued between 10 billion Indian rupees and 25 billion rupees, according to a Tuesday filing to the Indian stock exchanges.Of the total, the company bagged its largest piling order yet from JSW Utkal Steel at the latter's 10 MTPA integrated steel plant at Paradeep in Odisha, India.The project spans nine major packages and involves critical structures such as the blast furnace, hot strip mill, and steel melting shop, involving piling works of around 3 million running meters.The company also received two separate orders from the Inland Waterways Authority of India for the engineering, procurement, and construction of ship repair facilities at Patna and Varanasi.The orders will include advanced ship lift and transfer systems, including an 800-ton boat hoist, to support the repair and maintenance of inland vessels.The business has also secured an order for the construction of India's first yacht marina at Mumbai Harbour from the Mumbai Port Authority for the trestle, piled breakwater, service platforms, concrete pontoons, and gangways.

BOM:500510NSE:LT
Asia

Larsen & Toubro Bags Orders to Set Up Substations in Middle East

Power transmission and distribution vertical of Larsen & Toubro (NSE:LT, BOM:500510) has secured "significant" orders valued between 10 billion Indian rupees and 25 billion rupees from clients in the Middle East, according to a Wednesday filing to the Indian stock exchanges.The contracts are for constructing one 380 kV substation and two 132 kV high-capacity substations on a turnkey basis.These substations will ensure reliable power to large load centers and decongest grids, thereby enabling them to meet growing demand, the filing said.

BOM:500510NSE:LT
Asia

Larsen & Toubro Bags Order to Develop Coal-to-Ammonium-Nitrate Project in Odisha, India

Larsen & Toubro's (NSE:LT, BOM:500510) hydrocarbon business has secured a "significant" order valued between 10 billion Indian rupees and 25 billion rupees, from Bharat Coal Gasification and Chemicals, according to a Friday filing to the Indian stock exchanges.Bharat Coal is a joint venture of Coal India (NSE:COALINDIA, BOM:533278) and Bharat Heavy Electricals (NSE:BHEL, BOM:500103).The contract is for developing a coal-to-ammonium-nitrate project in Odisha, India, to enable downstream manufacture of nitric acid and ammonium nitrate.The scope of work includes the process licence, basic design, detailed engineering, procurement and construction, overall project management, and final handover of the ammonia synthesis unit and its associated facilities.The company's shares were down over 1% in recent trade.

BOM:500103BOM:500510BOM:533278NSE:BHELNSE:COALINDIANSE:LT
Asia

Indian Equities End Flat on Thursday as Earnings Support Offsets Weakness

Indian benchmark indices ended largely unchanged on Thursday as gains driven by earnings-related buying offset broader market weakness.The BSE Sensex fell 114.00 points, or 0.2%, to close at 77,844.52, while the NSE Nifty 50 slipped 4.30 points, or 0.02%, to settle at 24,326.65.Expectations of easing tensions between the US and Iran further supported investor sentiment. Tehran is reportedly reviewing the latest U.S. proposals aimed at ending the conflict.In corporate developments, Bharat Forge (NSE:BHARATFORG, BOM:500493) reported a decline in consolidated profit in fiscal Q4 to 2.33 billion rupees from 2.83 billion rupees a year earlier. Revenue from operations, however, rose to 20.3 billion rupees from 17.0 billion rupees.Larsen & Toubro (NSE:LT, BOM:500510) gained after its buildings and factories business secured three large orders from a real estate client for projects across three states, according to a filing. The company classifies large orders in the range of 25 billion rupees to 50 billion rupees.

^BSENifty 50BOM:500493BOM:500510NSE:BHARATFORGNSE:LT
Research

Nomura Downgrades Larsen & Toubro to Neutral from Buy, Adjusts Price Target to INR3,940 from INR4,510

Larsen & Toubro (NSE:LT, BOM:500510) has an average rating of overweight and mean price target of 4,443.69 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

BOM:500510NSE:LT
Asia

Larsen & Toubro Bags Three Residential Projects in India

The buildings and factories business of Larsen & Toubro (NSE:LT, BOM:500510) has secured three "large" orders from an undisclosed real estate client for three projects across three Indian states, according to a Thursday filing to the Indian stock exchanges.The company classifies large orders as those between 25 billion Indian rupees and 50 billion rupees.The first order is for the development of a residential project in Hyderabad, including the design and construction of 10 high-rise residential towers, each with two basements and 55 floors, along with two clubhouses.The company has also bagged an order to construct a luxury high-rise residential tower in Mumbai, comprising five basements and 63 floors.The third order pertains to the construction of several residential villas, a luxury hotel, and ancillary structures for a project in Karnataka.

BOM:500510NSE:LT
Research

ICICI Securities Downgrades Larsen & Toubro to Add from Buy; Price Target is INR4,300

Larsen & Toubro (NSE:LT, BOM:500510) has an average rating of overweight and mean price target of 4,466 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

BOM:500510NSE:LT
Asia

Jefferies Adjusts Larsen & Toubro's Price Target to INR4,885 From INR4,500, Keeps at Buy

Larsen & Toubro (NSE:LT, BOM:500510) has an average rating of overweight and mean price target of 4,487.25 Indian rupees, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

BOM:500510NSE:LT
Asia

Larsen & Toubro Clinches New Order for Minerals and Metals Business; Shares Up 3%

The minerals and metals business vertical of Larsen & Toubro (NSE:LT, BOM:500510) has secured its largest-ever "mega" order in the domestic metals sector, valued between 100 billion Indian rupees and 150 billion rupees, from JSW Steel (NSE:JSWSTEEL, BOM:500228).Under the contract, the company will provide comprehensive engineering, procurement, and installation of critical process facilities, including blast furnaces and steel melt shops, across various JSW Steel sites in India, mainly at Ballari in Karnataka and Paradip in Odisha.This is part of JSW Steel's expansion of its crude steel processing capacity from 35 million tons per annum (MTPA) to over 50 MTPA by 2031.The company's shares were up over 3% in recent trade.

BOM:500228BOM:500510NSE:JSWSTEELNSE:LT

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