Ashok Leyland Defence Systems has formed a consortium agreement with Larsen & Toubro (L&T) and Nexter Systems for the mounted gun systems (MGS) artillery programme of the Indian army.

The partnership was signed at Eurosasory, the world's largest defence exhibition, between Nexter, L&T and Ashok Leyland.

Benchmark indices have extended losses and are trading lower by over 0.5% weighed down by capital goods and financial shares.

By 10:10, the Sensex was lower by 103 points at 25,125 levels and the Nifty declined 43 points at 7,499.

L&T Shipbuilding has delivered its first export commercial vessel from the Kattupalli Shipyard near Chennai.

Halul 42 is the first in a series of six platform supply vessels (PSVs) to be delivered to Qatar-based Halul Offshore Services Company WLL (HOSC).

L&T Finance Holdings, through its subsidiary, has sold all its shares, worth Rs 183.4 crore, in City Union Bank (CUB).

CUB has its head office at Kumbakonam in east-central Tamil Nadu. L&T Vrindavan had 4.55 per cent stake in it, about 24.7 million shares. These were all sold, at Rs 74.25 a share.

The offer for sale (OFS) of L&T Finance Holdings has been subscribed 3.2 times on the National Stock Exchange (NSE). Parent Larsen & Toubro had offered 16.5 million shares for sale, leading to a dilution of 0.96 per cent stake, at a floor price of Rs 74 each. It had said it may sell up to 11 million shares, in addition to the sale of shares.

L&T Finance Holdings has dipped over 5% to Rs 77.55 in early morning deals on the National Stock Exchange (NSE), after the promoter Larsen & Toubro (L&T) share sale programme for diluting 0.95% of its stake commenced today at bourses.

L&T, the promoter of the company, proposes to sell over 16.55 million shares in L&T Finance Holdings at a floor price of Rs 74 per share. This translates into about 10% discount over Tuesday's closing price of Rs 81.90 on the NSE.

Mumbai: India’s largest engineering and construction company Larsen and Toubro Ltd (L&T) plans to raise Rs.3,600 crore, or $600 million, by selling equity shares to financial institutions, also known as qualified institutional placement (QlP).

In a notice to shareholders, L&T said the company is seeking approvals to authorize its board to raise funds through issue of equity shares through QlP, convertible bonds, equity shares through depository receipts of an amount not exceeding Rs.3,600 crore or $600 million, whichever is higher.

Markets have marginally come off morning lows with the Sensex down 158 points at 25,421 and the Nifty gave off 55 points to trade at 7,599.

Sell-off was visible in the broader markets as well with both the mid and small cap indices down over 1% each, taking a breather after several weeks of outperformance.

Software exports from Odisha has touched about Rs 2,400 crore in 2013-14, an increase of 23.4 per cent over the previous fiscal, according to the provisional data compiled by Software Technology Parks of India (STPI).

IT units in the state had exported Rs 1,945 crore in 2012-13, including Rs 1,705 crore by the STPI registered units.

MUMBAI: Shares of infrastructure and engineering major L&T are in demand after the company impressed the street with margins during Jan-March quarter. Most brokerages remain bullish on the stock and have raised their target price by revising EPS guidance upwards.

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