Mumbai, July 29: Engineering major Larsen & Toubro's June-quarter net profit increased 45.51 per cent to Rs 609.6 crore from Rs 418.94 crore a year ago on the back of an improved performance in various segments.

Total income during the quarter rose 9.10 per cent to Rs 21,873.8 crore from Rs 20,048.24 crore a year ago. Total expenses were higher at Rs 20,434 crore compared with Rs 18,873 crore a year ago.

Larsen & Toubro (L&T) Infotech has listed at Rs 667, 6% below its issue price of Rs 710 per share on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

A discount of Rs 10 per equity share to the issue price of Rs 710 was offered to retail investors.

L&T Infotech, which recently concluded its Rs 1,243-crore IPO, will make its stock market debut on Thursday.

The listing will take place at the NSE in presence of L&T Group Executive Chairman A M Naik and other top officials along with merchant bankers.

Larsen & Toubro is looking at joining hands with US majors for designing and equipment suppliers to design and build future shipbuilding contracts. The vessels will be built at a facility near Chennai.

Speaking at the Indo-US Partnership Conclave 'The march towards $500 billion trade', organised by IACC along with the state ofTamil Nadu, B Kannan, CEO & MD, L&T Shipbuilding said the company is in touch with some US-based firms, for its future projects.

Close on the heels of the successful Rs 1,243-crore L&T Infotech IPO, diversified group L&T’s technology services unit has filed draft prospectus with Sebi for a public offer to raise an estimated Rs 1,000 crore.

Larsen & Toubro would sell up to 15 per cent stake in L&T Technology Services through the proposed IPO.

NEW DELHI: The government may hold on to its shares in blue chips such as ITC and L&T despite the Specified Undertaking of Unit Trust of India (SUUTI) seeking bids from merchant bankers to advise the agency on its holdings that span across sectors.

While several experts have suggested that SUUTI, which is wholly owned by the government, sell some of the marquee stocks instead of divesting stake in PSUs to raise money, a source in the government said that rushing in with the sale may not be prudent.

Larsen & Toubro (L&T), the engineering and construction major, is all set to take its engineering services business unit, L&T Technology Services public. The Group will be filing the draft red herring prospectus (DRHP) in the next three to five weeks.

The technology services business is looking at a valuation of $1-1.5 billion, said two sources in the know.

Government has invited merchant bankers to help it sell minority stakes in 51 companies, including RIL, ICICI Bank, Axis Bank and L&T, and is looking at exiting them within three years.

The Specified Undertaking of UTI (SUUTI) has investments in these 51 listed as well as unlisted companies, like Hindustan Unilever, ITC Ltd, Jaiprakash Associates and a host of Tata Group firms.

Engineering major Larsen & Toubro (L&T) today said it has bagged export orders worth $71.3 million (nearly Rs 480 crore) from Mitsubishi Hitachi Power Systems Ltd through its two joint venture (JV) firms.

"Larsen & Toubro (L&T) through its joint venture companies L&T-MHPS Boilers Private Ltd (LMB) and L&T-MHPS Turbine Generators Private Ltd (LMTG) has secured export orders worth $71.3 million from Mitsubishi Hitachi Power Systems Limited (MHPS)," the company said in a BSE filing.

Mumbai: Ahead of its subsidiary L&T Infotech’s initial public offer (IPO) announcement, shares of India’s largest engineering and construction company Larsen and Toubro Ltd (L&T) on Monday hit an eight-month high, gaining on the back of higher volumes for the six consecutive session.

The stock touched a high of Rs.1,569.10 a share, a level last seen on 23 October 2015, and gained as much as 1.8%. In the last six trading sessions, the stock gained 9.5% and year-to-date, it rose 22.8%.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.