L&T Finance Holdings is trading higher by 2.5% at Rs 76.35 after the company said its board has approved to raise up to Rs 263 crore by issuing Cumulative Compulsorily Redeemable Preference Shares (CCRPS) on private placement basis.

Markets extended gains in morning trades with buying visible across all the sectors in today's trade. At 1030hrs, the Sensex was up 297 points at 25,396 and the Nifty advanced 87 points to trade at 7,595.

29 of 30 stocks are in green on the Sensex with TCS being the only exception, marginally down 0.06%

Mumbai: L&T Technology Services, a unit of Larsen and Toubro Ltd (L&T), said on Thursday that it has acquired a 74% equity stake in Thales Software India Pvt. Ltd, to strengthen its avionics business.

Avionics are the electronic systems used on aircrafts, artificial satellites, and spacecrafts.

Mumbai: Larsen and Toubro Ltd (L&T), India’s largest engineering firm, is relocating its mining unit to Kolkata from Chennai to be closer to the major mining belt of east India. It expects revenue to rise as the outlook for this core sector improves with the new government’s thrust on industrial growth.

“This division has been relocated to Kolkata from Chennai in bits and pieces… the design office and bulk materials handling are still in Chennai, but eventually everything will be in Kolkata,” said S.N. Roy, whole-time director and senior executive vice president (corporate affairs and power) at L&T.

Ashok Leyland Defence Systems has formed a consortium agreement with Larsen & Toubro (L&T) and Nexter Systems for the mounted gun systems (MGS) artillery programme of the Indian army.

The partnership was signed at Eurosasory, the world's largest defence exhibition, between Nexter, L&T and Ashok Leyland.

Benchmark indices have extended losses and are trading lower by over 0.5% weighed down by capital goods and financial shares.

By 10:10, the Sensex was lower by 103 points at 25,125 levels and the Nifty declined 43 points at 7,499.

L&T Shipbuilding has delivered its first export commercial vessel from the Kattupalli Shipyard near Chennai.

Halul 42 is the first in a series of six platform supply vessels (PSVs) to be delivered to Qatar-based Halul Offshore Services Company WLL (HOSC).

L&T Finance Holdings, through its subsidiary, has sold all its shares, worth Rs 183.4 crore, in City Union Bank (CUB).

CUB has its head office at Kumbakonam in east-central Tamil Nadu. L&T Vrindavan had 4.55 per cent stake in it, about 24.7 million shares. These were all sold, at Rs 74.25 a share.

The offer for sale (OFS) of L&T Finance Holdings has been subscribed 3.2 times on the National Stock Exchange (NSE). Parent Larsen & Toubro had offered 16.5 million shares for sale, leading to a dilution of 0.96 per cent stake, at a floor price of Rs 74 each. It had said it may sell up to 11 million shares, in addition to the sale of shares.

L&T Finance Holdings has dipped over 5% to Rs 77.55 in early morning deals on the National Stock Exchange (NSE), after the promoter Larsen & Toubro (L&T) share sale programme for diluting 0.95% of its stake commenced today at bourses.

L&T, the promoter of the company, proposes to sell over 16.55 million shares in L&T Finance Holdings at a floor price of Rs 74 per share. This translates into about 10% discount over Tuesday's closing price of Rs 81.90 on the NSE.

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