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%.

Mumbai: Larsen and Toubro Infotech Ltd, the information technology (IT) services unit of India’s largest engineering firm, will launch its initial public offering (IPO) on 11 July, the parent firm said in a filing to the stock exchanges on Wednesday.

The IPO will close on 13 July.

L&T Infotech has fixed a price band of Rs.705-710 per share for the offering, the filing stated. At the upper end of the price band, the IPO size would be Rs.1,242.50 crore.

Larsen and Toubro Infotech Ltd, the information technology (IT) services unit of India’s largest engineering company, will launch its initial public offering (IPO) on 11 July, the parent firm said in a filing to stock exchanges on Wednesday.

The IPO will close on 13 July.

Shares of Larsen & Toubro were up over 1% at Rs 1,449 in an otherwise lacklustre market after the company announced that L&T Construction has won orders worth Rs 2,416 crore.

The Building & Factories Business has won orders worth Rs 1,165 crore, Power Transmission & Distribution Business Rs 1,120 crore while the Smart World & Communication Business has won orders worth Rs 131, the company said in a release.

Larsen & Toubro today said its wholly-owned subsidiary L&T Hydrocarbon Engineering has bagged orders worth Rs 1,170 crore across business verticals.

"L&T Hydrocarbon Engineering Ltd has won orders worth Rs 1,170 crore across its various business verticals," the engineering and construction major said in a BSE filing.

India’s largest IT company, Tata Consultancy Services (TCS), has become the third conglomerate to invest large cash holdings in government bonds, a trend that could boost the young debt market but also stir volatility.

TCS ploughed $3 billion into the market from January to March, its annual balance sheet showed last month, shifting funds that totalled 80 percent of its surplus cash position. Previously the company had largely invested in mutual funds.

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