Engineering and construction giant Larsen & Toubro (L&T) today said its consortium with Sojitz Corp of Japan has won a Rs 1,213 crore project from Dedicated Freight Corridor Corporation of India Ltd (DFCCIL).

“The Railways Unit, a part of the transportation infrastructure business of L&T Construction, has won a major order worth Rs 1,213 crore from the DFCCIL,” it said in a statement.

After its information technology (IT) services business, engineering and construction major Larsen & Toubro (L&T) has set the ball rolling to take its fully-owned subsidiary L&T Technology Services public, by elevating its chief executive and expanding its board of directors.

L&T Technology Services, which provides engineering and R&D services to global corporates in diverse sectors, such as aerospace and defence, has elevated its Chief Executive Keshab Panda as the CEO & MD apart from inducting Kumar Prabhas, its chief operating officer (COO) to the board as an executive director. Panda who joined L&T in 2009 from Tech Mahindra (formerly Mahindra Satyam) as Head of Americas, was until recently heading L&D Technology as the Chief Executive.

Engineering and construction major Larsen & Toubro (L&T) is in talks with the Ahmedabad-based Adani group to sell its power plant in Punjab at an estimated value of around Rs 3,000 crore. If the deal gets through, it will be Adani's third acquisition of a power project in 17 months.

A banker said the talks with Adani are at an advanced stage. However, no decision has been taken yet as due-diligence is currently on. The acquisition will play an important role in Gautam Adani's plan to become India's biggest power producer and port operator in India.

The heavy civil infrastructure business of L&T Construction, along with its joint venture partner, Daewoo E&C of South Korea, has won an order worth Rs 3,115 crore from the Bihar State Road Development Corporation Limited (BSRDCL).

The engineering, procurement and construction (EPC) contract involves design and construction of greenfield six-lane extra-dosed cable bridge over Ganga river near Kachchi Dargah in Patna district on NH-30 to near Bidupur in Vaishali district on NH-103.

Larsen & Toubro (L&T) today said its construction arm has won orders worth Rs 1,247 crore across business verticals.

"The construction arm of L&T has won orders worth Rs 1,247 crore in the buildings and factories and power transmission and distribution businesses," the engineering and construction major said in a BSE filing.

Shares of seven companies in the Nifty 50 index have touched their respective 52-week lows after the benchmark index fell more than 1% on the National Stock Exchange (NSE) in early morning trade as concerns about China and global economic slowdown persisted.Adani Ports & Special Economic Zone (SEZ), Bharat Heavy Electricals Limited (BHEL), Bank of Baroda (BOB), ICICI Bank, Larsen & Toubro (L&T), Punjab National Bank (PNB) and State Bank of India (SBI) from the Nifty 50 index hit 52-week lows on the NSE in intra-day trade. Most of these stocks were trading down in the range of 2%-3% at 09:23 a.m.

Shares of State Bank of India (SBI), Axis Bank, ICICI Bank, Larsen & Toubro (L&T) and Bharat Heavy Electricals Limited (BHEL) are among five Sensex stocks to hit their respective 52-week lows on the Bombay Stock Exchange (BSE) after the benchmark index dropped more than 1% today.

The NSE Nifty 50 index and the BSE Sensex have fallen more than 1% in early morning trade after China's regulators halted trading for the day following a sharp plunge in Chinese shares.

State Bank of India (SBI), Larsen & Toubro (L&T) and Bharat Heavy Electricals Limited (BHEL) were three companies from the 30 share S&P BSE Sensex which touched their respective 52-week lows as the market recorded biggest single day fall in four months.

The S&P BSE Sensex tumbled 2.05% or 534 points to close at 25,627, its sharpest single day fall since September 22, 2015, due to the weak Chinese manufacturing data. The Nifty50 plunged 171 points to end at 7,793.

MUMBAI: In a sudden move, A M Naik chairman of engineering conglomerate, L&T has stepped down from his post as second-time chairman of the Indian Institute of Management . In a letter addressed to the HRD minsitry, A M Naik is understood to have officially cited time constraints behind his decision to quit the post.

The move has taken the academic circles by surprise given Mr Naik's huge interest and involvement in the growth of IIMA. Speculations within the academia point towards ego tussles between the institute and the HRD ministry which however remain unconfirmed.

The earnings and orders miss in 1HFY16 might suggest that nothing is going right for L&T; however, we believe that after a weak FY16F, L&T is well placed for an earnings recovery and improving RoE on the back of:

Management’s decision to change the company’s focus to asset light businesses and unlocking value from its subsidiaries/JVs over the past two years and going forward (real-estate, Dhamra & Kattupalli ports, L&T Finance, L&T Infotech).

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