Mumbai: India’s biggest engineering and construction company Larsen and Toubro Ltd (L&T) will monetize assets from time to time and “selectively bid for value-accretive projects in the roads and transmission line businesses”, said group executive chairman A.M. Naik in the company’s annual report for fiscal 2015.

Naik said L&T intends to unlock value of its information technology (IT) and technology services business.

Markets continued to remain range bound in late trades on Thursday as gains in pharma and capital goods shares helped offset losses in index heavyweights.

India which deferred the talks with the European Union on the proposed free trade agreement expressing disappointment and concern over the EU banning sale of around 700 pharma products clinically tested by GVK Biosciences also aided sentiment.

Mumbai: Mitsubishi Corp. (MC) and Larsen and Toubro Ltd (L&T) have won a ¥50 billion contract from state-run Steel Authority of India Ltd (SAIL) to construct a steel plant, Mitsubishi said in its statement on Wednesday.

Under the project, a hot strip mill with production capacity of 3 million tonne per annum will be constructed at SAIL’s Rourkela steel plant in Orissa.

The country’s biggest engineering and construction firm Larsen & Toubro (L&T) on Friday missed analysts’ estimate by posting a consolidated net profit at Rs 606.2 crore for the April-June quarter, a 37.3% decline over the same period last fiscal, with the company stating that the short-term business environment continues to remain challenging.

Consolidated net sales grew 6.7% to Rs 20,250 crore, which was in line with estimates. Of this, Rs 6,609 crore came from jobs being executed overseas, constituting 32% of the total revenues.

Engineering and Infrastructure major L&T's net for Q1 was down by 37% to Rs 606 crore against Rs 967 crore for the corresponding period last year.

Consolidated gross revenue registered a 7% growth as it rose to Rs 20,460 crore against Rs 18,970 crore.

Grameen Capital India today announced that L&T Finance has acquired 26% stake in the company for an undisclosed amount.

Grameen Foundation, Citicorp Finance, Amit and Arihant Patni are the other shareholders in the company.

L&T Hydrocarbon Engineering Ltd (LTHE), a subsidiary of Larsen & Toubro (L&T), on Wednesday said it has bagged an offshore contract from ONGC valued at Rs 2,715 crore.

The contract was won against international competitive bidding for the Oil & Natural Gas Corporation (ONGC) project at Bassein field near Mumbai coast in western offshore basin of India.

Industrial conglomerate Larsen & Toubro Ltd will list its IT services unit L&T Infotech by December this year, Chairman AM Naik told CNBC TV18 on Tuesday.

The company, which has been looking to exit non-core businesses, will sell a 10% stake in the unit, Naik said in an interview to the business news channel.

Shares of L&T Finance Holdings has increased by 2% to Rs 62 on the BSE on reports stating that the financial services unit of engineering major L&T is in talks to sell a minority stake to Bain Capital, one of the world's leading private, alternative asset management firms.

On signing the deal, Bain Capital would have to pay approximately $350 million. The company desires to expand beyond business outsourcing and manufacturing and foray into financial services in India.

L&T Kattupalli Port has begun export of trucks and cars with the maiden call of car carrier, M.V. Gardenia Ace on Monday.

With this, L&T Kattupalli Port has become the third port in Chennai to handle Roll-on Roll-off (RoRo) vessel for shipping cars, trucks, tractors and earth movers. The other two ports — Chennai Port Trust and Kamarajar Port Ltd. — are already handling truck and car shipments.

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