Top developers in Bengaluru such as Salarpuria Sattva have bid for a land parcel of 14 acres being sold by engineering and construction giant Larsen & Toubro (L&T) in the city, said sources.

The land parcel is estimated to fetch the company between Rs 8 billion and Rs 10 billion. The land has development potential of 4 million square feet, and it could become the largest land deal in south India this year.

Larsen & Toubro (L&T) on Monday said its construction arm has won orders worth Rs 12.96 billion across business segments in the domestic market.

L&T said its metallurgical and material handling business has received orders worth Rs 8.08 billion.

Larsen & Tourbo (L&T) on Thursday divested its stake in L&T Technology Services to comply with the 25 per cent minimum public shareholding requirement. The engineering giant is offering up to 6.6 million shares, representing 6.6 per cent stake, through the so-called offer for sale (OFS) route.

So far, the offering has garnered bids for 5.34 million shares from institutional investors.

Larsen & Toubro (L&T), an engineering major perceived as a proxy to core sector economic activity, is seeing its services portfolio getting strengthened. A closer look at the company’s financial performance in the June quarter reveals it is coming out of its traditional image.

Contribution from the services sector to L&T’s order inflow in April-June 2018 was an impressive 21.8 per cent, second to infrastructure that continued to be high at 42.9 per cent.

Engineering conglomerate Larsen & Toubro (L&T) on Wednesday reported a 36 per cent year-on-year rise in consolidated net profit to Rs 12.14 billion during the April-June quarter, against Rs 8.92 billion a year ago, helped by increase in revenue and improved operational efficiency.

Shares of L&T Technology Services (LTTS) have rallied 14% to Rs 1,485 per share on the BSE in early morning trade after the company reported a more-than-double net profit of Rs 1,981 million in June quarter (Q1FY19). The L&T group company had profit of Rs 980 million in the year ago quarter.

L& T Finance Holdings on Friday said its net profit grew 71 per cent to Rs 5.38 billion for the quarter ended June 2018 (Q1), compared to Rs 3.14 billion a year ago. The finance arm of Larsen & Toubro has prepared financial statement for Q1 according to the new accounting rules Indian Accounting Standards, which came into effect from April 1, 2018.

A churn may take place at L&T’s structured finance business as its head Navin Gupta has quit and it is understood that some of his team members — industry sources say eight — are also likely to leave the company, people with direct knowledge of the matter told FE.

The sources also said that Gupta is currently in discussions with engineering group Kirloskar, which is diversifying into the financial services business with an NBFC. However, his joining the Kirloskar Group is not yet final.

Larsen & Toubro (L&T) on Friday said its construction arm has won orders worth Rs 30 billion to build office buildings in Andhra Pradesh and a tourism-related facility in Oman.

"The construction arm of L&T has won orders worth Rs 30 billion in the buildings and factories business, the company said in a BSE filing.

Larsen & Toubro (L&T) has moved higher by 1.3% at Rs 1,292 on the BSE after the company said its water & effluent treatment business won orders valued Rs 23.88 billion.

The orders have been secured from the Madhya Pradesh Jal Nigam Maryadit for the execution of Satna, Kundatiya and Mohanpura multi village rural water supply schemes on turnkey basis. The projects are funded by the New Development Bank, L&T said in a press release.

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