New Delhi: Facing insider trading charges by Indian capital markets regulator Sebi, Hong Kong-based hedge fund manager Factorial Capital Management on Friday said these allegations are "without merit" and a complete probe will fully absolve it in the case.
In an interim order passed late last night, Sebi barred Factorial from the Indian securities market after finding its Cayman Islands-based fund - Factorial Master Fund - to have allegedly profited through 'short-selling' in shares of L&T Finance Holdings on the basis of unlawful access to insider information about the company.
Mumbai, April 25 : Conglomerate Larsen and Toubro (L&T) Friday said its heavy civil infrastructure business unit has secured a $740 million (Rs. 4,510 crore) order from Qatar Railways for designing and building the rail line for the Doha Metro project.
"The total value of the order for the joint venture is $3.3 billion (approximately Rs. 20,000 crore)," the company said here in a statement.
L&T won the order along with its joint venture partners Aktor SA of Greece, Yapi Merkezi Insaat of Turkey, STFA Group of Turkey and Al Jaber Engineering of Qatar.
Mumbai, Jan 22 : Engineering and construction conglomerate Larsen and Toubro (L&T) Wednesday posted a net profit growth of 10.6 percent at Rs. 1,241 crore for the third quarter ending December over the same quarter a year ago.
Revenues jumped 11.8 percent year-on-year to Rs. 14,387.5 crore in the quarter ended December 2013.
With the exceptional gain on dilution of part stake in a subsidiary company, adjusted profit after tax went up over 22 percent during the quarter. L&T transferred hydrocarbon business to its subsidiary L&T Hydrocarbon Engineering with effect from April 1, 2013.
Hyderabad, Nov 7 : India's leading construction group Larsen & Toubro (L&T) has denied allegations that it paid any kickbacks for Hyderabad Metro Rail project.
Reacting to allegations by some politicians that L&T paid money to Andhra Pradesh Chief Minister N. Kiran Kumar Reddy, a top company official said no money was handed over to anybody.
V. B. Gadgil, chief executive and managing director, L&T Hyderabad Metro Rail Ltd (LTMRHL), rubbished the allegations made by Telangana Rashtra Samithi (TRS) chief K. Chandrasekhara Rao.
Thiruvananthapuram, Nov 5 : Larson and Tubro Mumbai has won the tender for constructing the runway at the proposed Kannur airport, a minister said Tuesday.
Speaking to reporters here, state Minister for Excise K. Babu, who also looks into the aviation sector, said the work will start this month itself.
"L&T was selected after their bid was the lowest at Rs. 694 crore among the four companies which came into the last round," Babu said.
The airport is coming up in an area of around 2000 acres of land and is expected to cost Rs. 1700 crore.
Larsen & Toubro (L&T) on Friday reported a year-on-year decline of 14 per cent in net profit for the July-September quarter, as the domestic economic conditions continued to be challenging.
L&T said its net profit in the three months ended September 30 this year dropped to Rs 977.5 crore, from Rs 1137.31 crore in the corresponding period of last year.
The company, however, enjoyed 10 per cent increase in gross revenue to Rs 14,648 crore in the quarter under review.
Mumbai, Oct 7 : Engineering major Larsen & Toubro (L&T) Monday said it has secured two EPC (engineering, procurement and construction) projects worth Rs. 1,100 crore in the hydrocarbon sector in the UAE and Qatar.
The UAE contract from Takreer, an arm of state-owned Abu Dhabi National Oil Company, is for construction of a new aviation fuel terminal at the Abu Dhabi international airport and is scheduled to be completed in 30 months, L&T said.
Indian Stock Market opened the week positive but ended flat by the end of trading session. BSE Sensex ended the day at 20159 while NSE Nifty closed at 6031. Among major losers of the day was Larsen as the company announced weak Q1 numbers.
Mumbai, July 22 : Enginnering giant Larsen & Toubro (L&T) Monday reported a 12.5 percent year-on-year fall in net profit at Rs. 756 crore for the first quarter ended June 30, on account of job mix, lower margin accruals and lower other income.
The company toted a profit of Rs. 864 crore in the corresponding quarter a year ago.
“The company’s power segment achieved customer revenue of Rs. 1,275 crore for the quarter ended June 30, 2013, registering a year-on-year decline of 44 percent due to lower order book,” L&T said in a statement.
Larsen & Toubro Ltd (L&T) is vying for defence orders worth up to Rs 80 billion ($1.4 billion) that the government will award in the coming few months, a senior executive of the engineering group revealed.
M. V. Kotwal, president of heavy engineering department at L&T, announced on Monday that the company had placed bids for four contracts worth nearly Rs 40 billion with the Indian Coast Guard to supply training ships & support vehicles.
Mumbai, June 10 : A consortium of Larsen and Toubro (L&T) and Japan's Sojitz Corp has bagged an order of Rs. 6,699.50 crore from the Dedicated Freight Corridor Corporation of India Ltd (DFCCIL), L&T said here Monday.
The contract is to construct 626 kilometres (km) of a double-track corridor from Rewari in Haryana to Iqbalgarh in Gujarat via Rajasthan, across three states. The project is expected to be complete in four years.
Larsen & Toubro (L&T) has said that it has received an infrastructure contract worth about $300 million from Saudi Aramco in Saudi Arabia.
India's biggest construction and engineering firm is increasingly looking to find orders abroad in order to compensate for the slowdown in the Indian market. L&T has expanded its presence in the global markets and won an important project at the Abu Dhabi airport. The company said that it is aiming to win $3 billion worth of projects, including more construction work for Aramco and an oil refinery in Oman.
After suffering a decline of 6 per cent on Wednesday, Larsen & Toubro (L&T) shares suffered another decline of 3 per cent at Rs 1,470 apiece in the morning trading on Thursday on the Bombay stock Exchange (BSE), due to worse-than-expected Q4 results.
L&T, India's biggest engineering and construction firm, on Wednesday reported a year-on-year decline of 6.9 per cent in net profit at Rs 1,788 crore for the quarter ended March 31, 2013.
India's biggest engineering and construction company, Larsen and Toubro Ltd (L&T) has recorded a disappointing 6.9 per cent fall in profits to 17.88 billion rupees during the fourth quarter of the financial year 2012-2013.
Infrastructure major, Larsen & Toubro (L&T) has said that it has secured orders worth an impressive Rs. 2,542 crore in different sectors during April and May of 2013.
The company said in a statement that, "The Building & Factories Business has bagged new orders worth Rs. 1,021 crores for the construction of residential towers, a cement plant and a factory at various locations across India, including additional orders from operating projects."
Tamco Switchgear (Malaysia) Sdn Bhd, a Malaysia-based subsidiary of engineering and construction company Larsen and Toubro Ltd (L&T), has said that it has received its single larger order yet from the Qatar General Electricity and Water Corp worth $85 million.
The Qatar General Electricity and Water Corp or KAHRAMAA is the sole distributor of water and electricity in Qatar. Under the contract, Tamco Switchgear will manufacture and supply 11kV Vacuum Circuit Breakers (VCBs) during a period of two years to distribution stations across the middle-eastern country.
Bangalore, April 3 : Larsen & Toubro (L&T) construction firm has won an order valued at $257 million (Rs. 1,398 crore) from Abu Dhabi Airports Company to build a midfield terminal complex in the UAE, the company said here Wednesday.
"Work on the midfield terminal complex is part of the major expansion programme of Abu Dhabi International Airport to serve as the new gateway to the city," the company said in a statement.
L&T General Insurance, a unit of engineering and construction conglomerate Larsen & Toubro, is set to merge with the Indian unit of Future Generali India Insurance.
Larsen & Toubro (L&T) has reported bought 50 per cent stake in Future Generali India Insurance Co for nearly Rs 500 crore.
Owned by Kishore Biyani's Future Group, Future Generali India Insurance Co is a joint venture (JV) between Future Group and Italy-based Generali Group.
Future Generali India Insurance Co is 74 per cent owned the Future Group, while the remaining stake is owned by the Italian firm. Of the 74 per cent stake, 24 per cent stake is owned by the Biyani family and 50 per cent owned by Pantaloon Retail.
Engineering and construction conglomerate, Larsen and Toubro Ltd (L&T) said on Thursday that its L&T Construction has been able to secure orders worth Rs. 2,080 crore in various business segments during February and March.