Mumbai: Larsen and Toubro Ltd (L&T), India’s biggest engineering and construction company, is expected to miss its revised forecast of a 5-7% growth in order inflows for the year ended 31 March, when the company reports its fourth quarter results on Wednesday, analysts said.

L&T, which is often referred to as a proxy for the broader economy and has interests in finance and information technology sectors, has been hurt by stalled industrial projects and a private investment cycle that’s yet to take off, coupled with slower growth in key overseas markets.

Larsen & Toubro (L&T) was up 2% at Rs 1,321 extending its previous day’s nearly 3% gain on the BSE. The stock is currently trading at its highest level since December 2015.

The capital goods major on Tuesday announced that a meeting of the board of directors of the company will be held on May 25, 2016, to consider and approve the audited financial results of the Company for the year ended March 31, 2016 and to recommend dividend, if any.

After rationalising its workforce on performance review, L&T Finance Holdings Ltd plans to sell private equity and proprietary investments worth over Rs 800 crore to unlock value in current financial year.

It will also consolidate its retail financing business under one corporate body. At present the retail business, including the two-wheeler segment, is being managed through three entities. It expects to complete this during the next six months.

HYDERABAD: Engineering giant Larsen and Toubro and the Telangana government could be headed for another faceoff over execution of the Rs 16,375-crore metro rail project in Hyderabad.

L&T Metro Rail, which has suffered time and cost overruns, both before and after the formation of Telangana, has a July 2017 deadline for completing the 72-km metro rail project which will crisscross Hyderabad in three corridors.

In an unusual turn of events, L&T Infotech Ltd on Monday withdrew the draft red herring prospectus (DRHP) it filed with the Securities and Exchange Board of India, and filed it afresh on Tuesday. According to investment bankers, this was necessary because the estimated size of the issue has been cut by more than 10%. As it turns out, the estimated size of the issue has been cut by almost 30% to around $200 million, according to news reports.

Larsen & Toubro says it is not proceeding with the earlier plan for a Rs 2,000-crore Initial Public Offering (IPO) of shares in its L&T Infotech. The draft prospectus was withdrawn with effect from Monday.

When asked, Deepak Morada, vice-president of corporate brand management and communication, told this newspaper: “We have withdrawn the IPO because of market conditions. And, we want to relook at our pricing. The IT sector undergoes changes on a quarterly basis and it is only fair to investors, in any issue, that they take a call on the financial performance of the most recent quarter.”

Infrastructure giant Larsen & Toubro (L&T) on Thursday said it has sold its entire 89% stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd for Rs 191 crore.

L&T Infocity Ltd is an special purpose vehicle (SPV) formed by the infrastructure major in partnership with Andhra Pradesh Infrastructure Investment Corporation (APIIC) to develop IT infrastructure in the state.

With more leeway to fund projects and tax exemptions, L&T Infra Debt Fund (IDF), L&T Finance group's infrastructure refinancing arm, plans to raise up to Rs 2,750 crore through debentures.

The money raised via non-convertible debentures (NCDs) will be used to fund infra projects, including those in renewable energy sector (wind and solar). L&T Financial services group will also inject more equity in the subsidiary to support expanding asset base. L&T IDF's net worth was Rs 615 crore (including additional equity infusion in December 2015) and debt of Rs 775 crore.

Infrastructure firm Larsen & Toubro (L&T) said Tuesday its construction arm has bagged orders worth Rs 1,672 crore across various business verticals.

The company's construction arm "has won orders worth Rs 1,672 crore", it said in a BSE filing.

Larsen & Toubro (L&T) is trading higher by 3% to Rs 1,115 on the BSE after the company announced that it has won orders worth Rs 2,213 crore across its various businesses.

The transportation infrastructure business has bagged new orders worth Rs 1,078 crore from the National Highways Authority of India (NHAI) for the construction of the Kerala/TamilNadu –Villikuri -Kanyakumari sections of NH-47 and NH 47B under NHDP Phase-3 in the state of Tamil Nadu on EPC mode. The projects are scheduled to be completed in 24 months.

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