Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 4,023 crore across business segments.

"The construction arm of L&T has won orders worth Rs 4,023 crore," the engineering and construction major said in a BSE filing.

Shares of two Larsen & Toubro (L&T) Group companies – Larsen & Toubro Infotech (LTI) and L&T Technology Services (LTTS) – hit their respective 52-week highs on the BSE in an otherwise subdued market.

LTI is a global technology consulting and digital solutions company, while LTTS focuses on engineering and R&D (ER&D) services.

L&T Finance Holdings (LTFH) reported a strong PAT of Rs 3.6 billion, up 45.2 % y-o-y, primarily on a lower tax outgo. Loan book growth was healthy at 19% y-o-y. Headline asset quality was largely stable with GNPAs at 5.8% and NNPAs flat q-o-q at 3.3 % along with comfortable PCR of 43%. LTFH’s RoE has been steadily increasing from 9.8% in Q1FY17 to 15.2% in Q2FY18 led by growth in focused business, run-down of non-core book with minimal hit to the P&L, improvement in fees and control on expenses.

Larsen & Toubro, Godrej and Hindustan Aeronautics Ltd will join a consortium, being put together by Indian Space Research Organisation (Isro), to build Polar Satellite Launch Vehicles (PSLVs).

The vehicles will launch small satellites, and the first launch is being planned by 2020. A pact is to be signed by January for this initiative, said a source.

L&T Finance Holdings on Thursday reported a 45.22% rise in its second quarter consolidated net profit at Rs 360.24 crore compared to the same period last year.This growth has been achieved after taking accelerated credit cost of Rs 277 crore in order to further strengthen the portfolio, the company said in a statement. Income from operations rose 14.19% on a year-on-year basis in the second quarter to Rs 2,383.82 crore. Total income rose by 16.49% to Rs 2,494.72 crore.The Average Assets under Management (AAUM) in the Investment Management business increased by 61% to Rs 52,749 crore.

Larsen & Toubro (L&T) was up 3% at Rs 1,243 on the BSE after the company announced that its construction arm has won orders worth Rs 3,551 crore across various segment. The stock had rallied 6% on Wednesday.

“The company’s transportation infrastructure & water effluent treatment business have jointly bagged an order worth Rs 1,123 crore from a prestigious government client for design and construction of smart trunk infrastructure with roads, storm water drains, water supply network, sewerage network and others,” L&T said in a press release.

Larsen & Toubro on Thursday said it has entered into a definitive agreement with ESAB Holdings Ltd for selling its entire stake in wholly-owned arm EWAS Alloys Ltd for Rs 522 crore.

The engineering giant in a filing to BSE said that it has "entered into a definitive agreement with ESAB Holdings Ltd, a company registered in the United Kingdom, on October 11, 2017 for the divestment of its entire stake in EWAS Alloys Ltd".

Larson & Toubro (L&T) emerged as the lowest bidder for selling 5 million smart meters in the tender issued by Energy Efficiency Services Limited (EESL).

The company has been selected through an international competitive bidding. L&T quoted the lowest price of Rs 2,722, per single phase smart meter, said EESL in a public statement. The price quoted by L&T is 40-50% lower than the current market rates.

MUMBAI: L&T Finance Holdings, a Larsen & Toubro subsidiary, has invested around Rs 150 crore in Pune-based Saarthi Group's two residential projects, said two persons in the know.

The capital is being infused as debt for construction finance, while some of the money will be used to repay old loans. Both the projects entail around 1 million sq ft of residential projects.

Larsen and Toubro Technology Services Ltd today announced the setting up of an “engineering solutions delivery centre” in the city, strengthening its collaboration with global wind power major Vestas. The dedicated development centre will facilitate cost-effective engineering solutions and focus on solutions in areas like energy storage, hybrid energy and smart products, a company statement said. “We have helped to create global success stories in energy management and storage solutions as well as services for the solar and wind power segments,” L&T Technology Services, Chief Digital Officer, Bhupendra Bhate said.

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