The management of Larsen and Toubro (L&T), India's leading engineering and construction firm, on Friday announced in its Annual General Meeting (AGM) that the company's order influxes were up by 23% for financial year 2009, on YoY basis.

Mr. AM Naik, L&T's Chairman and MD, stated that the order book in the end of the financial year 2009 stood at Rs 70,000 crore, which would rise by around Rs 9,000 crore with its entry into the power sector. He also added that company's 60% business was dependent on government projects.

Mr. Naik told that stockholders had given a nod to raise $600 million. The company is planning to go for Qualified Institutional Placement (QIP). However, Mr. Naik has not given any time frame for fund raising. The company management had taken a similar approval in the previous year also, but didn't raise any funds at that time.

The company is also expecting to increase its activities in Gulf countries over the upcoming few months.

However, the company is committed to generating cleaner energy. L&T has ability to generate around 2,000 Mw in coastal plants in India.

On Mahindra Satyam, Mr. Naik stated that L&T would exit the company at the right cost before March 2010. They are still in a lock-in period for Satyam investment.

Shares of Larsen & Turbo, on Friday closed at Rs 1614.60, up 0.92% or Rs 14.75. Total volume of shares traded was 427,497.