Larsen and Toubro (L&T) has dipped nearly 3% to Rs 1,611 in early morning deals on NSE on reports that the company management has said it might miss the annual revenue and margin forecast owing to delays in projects and problems in execution of hydrocarbon projects.

The company management has said it might miss the annual revenue and margin forecast owing to delays in projects and problems in execution of hydrocarbon projects, a Business Standard report suggests.

Engineering and construction company Larsen & Toubro (L&T) has reported a seven per cent rise in its consolidated net profit for the September quarter of FY15 compared to the year-ago period. However, the company management has said it might miss the annual revenue and margin forecast owing to delays in projects and problems in execution of hydrocarbon projects.

Net profit rose to Rs 862 crore from Rs 806 crore and the result was aided by a two per cent decline in finance cost following refinancing of its long-term loan.

Markets remained rangebound with negative bias in noon trades on Monday with auto shares leading the decline on the back of weak October sales while bank shares continued to trade firm.

At 13:00hrs, the 30-share Sensex was down 21 points at 27,845 and the 50-share Nifty was trading 8 points lower at 8,314.

With an aim to enhance focus on core business, L&T Infotech, provider of IT services and solutions, and a wholly-owned subsidiary of the $14.3 billion Larsen & Toubro (L&T), has completed the acquisition of Information Systems Resource Centre. Financial details of the deal were not disclosed.

Information Systems Resource Centre (ISRC) was a subsidiary of Otis Elevator, which is a part of UTC Building & Industrial Systems, a unit of United Technologies Corp.

Markets opened marginally higher on Tuesday with the benchmark Nifty reclaiming the 8,000 mark led by financials. However, traders are likely to remain cautious ahead of the two-day FOMC meet which begins today.

At 9:35AM, the 30-share Sensex was up 99 points at 26,852 and the 50-share Nifty was up 25 points at 8,017.

Benchmark indices continued to trade firm after a gap up opening led by L&T and Tata Motors while index heavyweight Reliance industries rebounded after the recent correction post the gas price hike.

At 10.40AM, the 30-share Sensex is up 179 points at 26,754 and the 50-share Nifty is up 54 points at 7,982.

L&T Infra Finance Private Equity, which is in the process of raising a total of Rs 3,750 crore in an overseas fund and a domestic fund, plans to launch a real estate fund, too. The first two funds will focus on infrastructure assets such as power, roads and renewable energy.

The infrastructure financing non-banking financial company's latest move comes on the back of building a Rs 14,800-crore loan book in the past eight years.

Engineering firm Larsen & Toubro (L&T) on Tuesday said it has bagged a contract worth Rs 1,630 crore from the Uttar Pradesh Expressways Industrial Development Authority for the construction of a six-lane access controlled expressway in the state.

The company's transportation infrastructure business has received the Rs 1,630 crore EPC order for constructing a six- lane access controlled expressway from Unnao district to Lucknow, a release issued here said.

Larsen and Toubro (L&T) has moved higher by 2% to Rs 1,490 after the company said it has won new orders worth Rs 1,423 crore across various business segments in September 2014, including order from Lucknow Metro Rail Corporation.

The company’s heavy civil infrastructure business has bagged a Rs 631 crore prestigious order from the Lucknow Metro Rail Corporation Limited for the construction of the Lucknow Metro, L&T said in a statement.

In July, when Tata group Chairman Cyrus Mistry identified defence & aerospace as one of the four clusters that could drive growth for the conglomerate over the next decade, he clearly had his eye on the estimated $250 billion (Rs 15 lakh crore) that the government would spend to purchase arms and equipment in this period. The other three clusters, in Mistry's view, were consumer goods, infrastructure and financial services.

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