Shares of two Larsen & Toubro (L&T) Group companies - L&T Infotech (LTI) and L&T Technology Services (LTTS) – hit their respective 52-week highs by rallying 7% each on the BSE in intra-day trade in an otherwise subdued market.

LTI, a global technology consulting and digital solutions company, rallied 7% to Rs 1,229, while LTTS which focuses on engineering and R&D (ER&D) services, too surged 7% to Rs 1,141 on the BSE. At 11:08 AM; the S&P BSE Sensex was up marginally by 0.05% at 33,829 points.

The buildings and factories business of L&T Construction has bagged orders worth Rs 3,355 crore, a regulatory filing by the company said here on Tuesday.

The business has won an order from the India International Convention & Exhibition Centre Limited to design and construct a state-of-the-art India International Convention & Expo Centre in New Delhi.

We attended L&T Infotech’s (LTI) Analyst Day, and reiterate our positive hypothesis. LTI’s growth will be driven by (1) Scalability of its strong client portfolio (54 from Fortune-500, with addressability of $54 billion across verticals), (2) New wins, with addition of 65 new logos (digital and enterprise solutions-led), (3) High client penetration in digital services (32% of rev), with an increasing deal size (>$1 mn accounts expected to increase to 120 in a year from 99 currently), (4) Investments to augment S&M and leadership in Europe, (5) Acquisitions supplementing capabilities (‘Augment IQ’ for IPs and Syncordis for core banking).

MUMBAI: Non-banking finance company L&T Finance Holdings has extended a loan of Rs 300 crore towards three projects of realty developer Satellite Group. The funding for nearly a million sq ft of development potential has been made at around 15% with a total tenure of up to 7 years, said two persons familiar with the development.

The funds will be used for construction of the developer's 5-lakh-sq-ft low-cost housing project in Mumbai's western suburb Malad, a mid-income group project in Goregaon suburb, and a premium project in South Mumbai.

Mumbai: Larsen and Toubro Ltd (L&T), India’s largest engineering and construction group, said it expects to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology (IT) will soon be in place.

Schneider Electric SE is in exclusive talks to buy the electrical unit, valuing it at around $2 billion, people familiar with the matter said last week.

Prime Minister Narendra Modi on Tuesday inaugurated first phase of 30-km stretch Hyderabad Metro Rail project, touted as the world's largest public-private partnership (PPP) in the sector. Commercial operations of the Metro project will begin November 29, Hyderabad Metro Rail officials said.

After inaugurating the first leg of Hyderabad Metro project from the Miyapur metro rail station on Tuesday, PM Modi took a ride in the metro.

Larsen&Toubro has sought additional financial support from Telangana to cover cost overruns in the Rs 16,000-crore metro rail project that stemmed from delays in its implementation, sources privy to the development said.

Prime Minister Narendra Modi is scheduled to inaugurate the first phase of the 72-km project tomorrow, touted to be the world's largest such project on public-private partnership in the sector.

Hyderabad Metro Rail is ready to chug over the pillars erected on road median, changing the landscape of this tech hub and promising to take the city's public transport to a different orbit.

The long-cherished dream of the people of this historic city is becoming a reality as the first phase of nearly 72-km elevated metro project is all set to be inaugurated by Prime Minister Narendra Modi on Tuesday.

L&T Metro Rail Hyderabad (LTMRHL), which is building the 72-km elevated Metro project in Hyderabad, is in talks to raise fresh funds to complete the second phase of the Hyderabad Metro Rail project. The company wants to raise about Rs 1,000-1,500 crore to lower the cost of debt. The first phase of the 30-km route of Hyderabad Metro Rail project will be inaugurated by Prime Minister Narendra Modi on November 28 and the remaining stretch is expected to be completed by the end of next year. The erstwhile Andhra Pradesh government had signed the concession agreement with LTMRHL, a special purpose vehicle, for the development of this project under the Design, Build, Finance, Operate and Transfer (DBFT) basis. Billed the largest Metro rail project in the PPP mode, it was taken up in 2010 for Rs 14,132 crore.

Private sector spending should come back on track in 2019, SN Subrahmanyan, CEO and MD of Larsen and Toubro, said on Monday. Speaking to a business news channel, Subrahmanyan said L&T’s working capital cycle has taken a beating is partly because private sector investments had gone into a shell over the previous two-three years and also owing to increased dependence on government projects which at times have financial hold backs for a minimum three months to clear. The company’s working capital cycle has jumped to 22%.

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