Larsen & Toubro (L&T) will strengthen its project management team and go in for subcontracting instead of hiring local staff in the Persian Gulf, following a Rs 942-crore pre-interest and tax loss in the hydrocarbon segment in the last quarter.

L&T posted a 111 per cent year-on-year growth in consolidated net profit to Rs 967 crore in the first quarter of 2014-15 on the sale of its stakes in its finance services company, L&T Finance Holdings, and Dhamra port.

NEW DELHI: The S&P BSE Sensex plunged as much as 86 points in trade on Wednesday following muted trend seen in other Asian markets. The fall in the index was led by losses in ITC, HDFC Bank, Tata Motors and L&T.

Tracking the momentum, the 50-share Nifty index also came under some bit of pressure but was trading above its crucial psychological level of 7700.

With Maruti, Bharti, HUL and Idea all beating the Street, the mood in corporate India, if not actually, upbeat, is certainly better than it was a few months ago. There is, however, some despondency that goes with the realisation that the core of the economy remains in deep trouble; from Larsen &Toubro to NTPC and Ultratech to Sesa Sterlite, large chunks of industry continue to find the going tough.

MUMBAI: L&T Infrastructure Finance is looking to raise roughly $1 billion in a private equity (PE) fund focused on investing in power, roads, ports and other projects, three people with direct knowledge of the matter said, with the sector set to pick up as the new government gets cracking on improving India's creaking facilities.

The infrastructure finance arm of engineering giant Larsen & Toubro resumed the fund-raising exercise after the general election and aims to finish by next year. The money is expected to be raised from domestic and foreign institutional investors.

Engineering major Larsen & Toubro’s (L&T’s) share price fell the most in a year on brokerage downgrades after the company’s dismal first quarter numbers. Shares of the company fell 7.32 per cent to Rs 1,542, a two-month low.

Citigroup downgraded L&T from ‘buy’ to ‘neutral’ and said that investors “need to curb their enthusiasm”. Despite today’s fall, shares of L&T are up 42% so far in 2014 compared to a 24% increase in the benchmark Sensex.

BSE Sensex fell over 61 points in early trade today on selling by funds and retail investors ahead of monthly expiry in the derivatives segment amidst lower-than expected corporate earnings by some firms.

The 30-share barometer, which had lost 280.62 points in the previous two sessions, moved down by another 61.40 points, or 0.29 per cent, to 25,929.83 with capital goods, realty, metal and healthcare stocks leading the fall.

Larsen and Toubro (L&T) has tanked nearly 8% to Rs 1,512 on National Stock Exchange after reporting the consolidated net profit of Rs 967 crore for the quarter ended June 2014 (Q1), mainly on account of one-time gain of Rs 249 crore on disinvestments and stake sale in one of its project.

The company had reported a net profit of Rs 459 crore in the corresponding quarter of last fiscal and Rs 2,840 crore in March quarter.

L&T Technologies Services, a wholly-owned subsidiary of Larsen & Toubro (L&T), has unveiled plans to achieve revenue of $1 billion and be one of the world’s top technology service providers.

The company plans to achieve this target by focusing more on markets such as Japan, the Middle East and Korea as well as through acquisitions.

After establishing itself as an independent company earlier this year, L&T Technology Services, a fully-owned subsidiary of Larsen & Toubro (L&T), is set to explore inorganic growth.

Late last month, the Mumbai-headquartered company took a controlling stake in Thales Software India , a Chennai-based captive software arm of Thales, the French defence major. It has now set its sights on acquisitions in client countries.

Mumbai: L&T Infrastructure Finance Co. Ltd will venture into non-infrastructure segments and offer working capital loans as it transforms into the role of a wholesale lender, chief executive G. Krishnamurthy said.

The company is promoted by L&T Finance Holdings Ltd, a subsidiary of Larsen & Toubro Ltd, India’s largest engineering company.

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.