Shares of Larsen & Toubro (L&T) were up 4 per cent to Rs 1,337 apiece on BSE in the early morning trade in an otherwise weak market after the company reported 37 per cent year-on-year (YoY) rise in consolidated net profit at Rs 2,042 crore in December quarter (Q3FY19). The healthy performance during the quarter was on back of improved operating performance and a higher other income.

The rejection of Larsen and Toubro’s (L&T) share buyback plan by Sebi has led to questions on whether the standalone or consolidated financials of a company should be considered. However, proxy advisory firm IiAS feels the latter is a more prudent method of defining parameters.

On Saturday, L&T had announced that the market regulator had denied it permission for a Rs 9,000-crore share buyback programme.

Shares of Larsen & Toubro (L&T) recovered after falling 3 per cent to Rs 1,275 apiece on BSE even as the Securities and Exchange Board of India (Sebi) denied approval to the company’s Rs 9,000-crore share buyback plan, citing compliance issues over its post-buyback debt-equity ratio.

Engineering major Larsen & Toubro (L&T) Saturday said market regulator Sebi has denied permission for its Rs 9,000 crore share buyback offer. In a regulatory filing to stock exchanges, L&T said the Securities and Exchange Board of India (Sebi) has asked it not to proceed with the buyback.

Prime Minister Narendra Modi Saturday inaugurated the Armoured Systems Complex of Larsen and Toubro in Gujarat, the first private facility in the country where the K9 Vajra self-propelled Howitzer guns will be manufactured.

L&T had in 2017 won the Rs 4,500-crore contract from the Ministry of Defence to supply 100 units of K9 Vajra-T 155 mm/52 calibre tracked self-propelled gun systems to the Indian Army under the Centre's 'Make in India' initiative.

IT midcap and digital solutions company Larsen & Toubro Infotech (LTI) announced the acquisition of Ruletronics, a pure-play Pega consulting and implementation company with offices in the UK, USA, and India for $7.48 million.

The acquisition will strengthen LTI’s rapidly growing digital business with a suite of capabilities in Pega implementation space around establishing BPM Roadmap & Strategy, Customer Services, RPA and Decisioning.

Himachal Futuristic Communications Limited (HFCL) on Thursday won optical fibre cable (OFC) orders worth over Rs 500 crore for BharatNet Phase –II Project from Larsen & Toubro (L&T) and a consortium led by ITI.

Order from L&T amounts to Rs 147.73 crore for supply of 16,882 KM OFC which shall be used by L&T for creating OFC Network infrastructure in Andhra Pradesh under BharatNet Phase-II Project.

Larsen and Toubro may cut its order growth guidance for FY19 due to slowdown in new project announcements, according to analysts.

L&T announced orders are down around 50% year-on-year to Rs 14,500 crore in the three months of October-December 2018, primarily due to exhaustion of large orders pipeline after a sharp order growth over the past four quarters, analysts at Deutsche Bank Research observed in a recent report.

Larsen & Toubro (L&T) on Thursday said its construction arm has won orders worth Rs 1,060 crore in the domestic market.

"The smart world and communication business has secured a major order from the Andhra Pradesh State FiberNet Limited (APSFL) for Bharatnet Phase-II works to establish an IP/MPLS Infrastructure covering the 13 districts of Andhra Pradesh," the engineering and construction major said in a BSE filing.

New Delhi: Engineering major Larsen & Toubro Monday said its construction arm has bagged orders worth Rs 2,084 crore in the power transmission and distribution segment.

“The power transmission and distribution business of L&T Construction has secured Engineering, Procurement and Construction (EPC) orders worth Rs 2,084 crore,” the company said in a statement.

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