Mumbai: India’s largest engineering and construction company Larsen and Toubro Ltd (L&T) plans to raise Rs.3,600 crore, or $600 million, by selling equity shares to financial institutions, also known as qualified institutional placement (QlP).

In a notice to shareholders, L&T said the company is seeking approvals to authorize its board to raise funds through issue of equity shares through QlP, convertible bonds, equity shares through depository receipts of an amount not exceeding Rs.3,600 crore or $600 million, whichever is higher.

Markets have marginally come off morning lows with the Sensex down 158 points at 25,421 and the Nifty gave off 55 points to trade at 7,599.

Sell-off was visible in the broader markets as well with both the mid and small cap indices down over 1% each, taking a breather after several weeks of outperformance.

Software exports from Odisha has touched about Rs 2,400 crore in 2013-14, an increase of 23.4 per cent over the previous fiscal, according to the provisional data compiled by Software Technology Parks of India (STPI).

IT units in the state had exported Rs 1,945 crore in 2012-13, including Rs 1,705 crore by the STPI registered units.

MUMBAI: Shares of infrastructure and engineering major L&T are in demand after the company impressed the street with margins during Jan-March quarter. Most brokerages remain bullish on the stock and have raised their target price by revising EPS guidance upwards.

Engineering and construction company Larsen and Toubro (L&T) reported 69 per cent growth in net profit for the quarter ended March on the back of improved operational performance, higher sales and an exceptional income of Rs 484 crore from dilution of its stake in L&T Finance. Net profit on a standalone basis stood at Rs 2,723 crore in the fourth quarter against Rs 1,609 crore in the same period last year. Even after adjusting for one-time gains, the company has beaten analyst estimates by a long shot.

Markets have started the trading session on a marginally positive note tracking higher global cues along with capital goods shares leading the gains.

By 9:25, the Sensex was higher by 75 points at 24,624 mark and the Nifty gained by 19 points at 7,336 levels.

Adani's takeover of Dhamra Port from Tata Steel and L&T at an enterprise valuation of Rs 5,500 crore is a win-win deal for all the three players.

The deal will not only help L&T and Tata Steel to cut their debt but increase Adani Port's footprint across India. The transaction will also help Adani to export coal from its mines in Eastern India to power stations in western India.

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