L&T gains as hydrocarbon business wins contracts in range of Rs 1,000-2,500 cr

Larsen & Toubro shares gained nearly a percent after its hydrocarbon engineering business received contracts across business segments.

The stock gained more than 6 percent in last one month. At 09:35 hours IST, it was quoting at Rs 1,387.90, up Rs 8.00, or 0.58 percent on the BSE.

"The modular fabrication business of L&T was awarded a contract for Process (PAU) and Piperack (PAR) modules for a process plant, which includes procurement, fabrication, precommissioning and load-out of the modules. The contract shall be executed from L&T's modular fabrication facility (MFF) at Kattupalli near Chennai," the engineering & infrastructure major said.

It further said the business also secured orders for equipment fabrication for a refinery in Oman and construction services business secured an order for additional works for a refinery project in India.

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Source: Moneycontrol

Mindtree falls as L&T announces acquisition of company's stake

Shares of Mindtree fell 1 percent in early trade on Tuesday after L&T said on March 18 it would buy 20.32 percent stake at Rs 980 per share in Mindtree for Rs 3,269 crore.

Larsen and Toubro (L&T) also made an open offer for acquisition of up to 5,13,25,371 fully paid up equity shares having a face value Rs 10 of Mindtree representing 31 percent of the voting share capital at Rs 980 per share, as company BSE Release.

L&T has appointed Axis Capital and Citigroup Global Markets India as the managers to the open offer.

The stock price of L&T also fell about 1.5 percent to Rs 1,359.20.

However, the promoters of the company, Krishnakumar Natarajan, Subroto Bagchi, Rostow Ravanan and Parthasarathy NS in their statement on BSE said they would unconditionally oppose the reported hostile takeover bid by Larsen and Toubro.

We have tried to be co-operative with Mindtree promoters and only time will tell if we can retain them, said AM Naik, Group Executive Chairman of L&T to CNBC-TV18.

We are not looking at a merger in the near future, but if promoters want to exit then we may think of a merger, he added.

Meanwhile in an another deal, Coffee Day Trading, a subsidiary of Coffee Day Enterprises, and VG Siddhartha, promoter of the company along with certain other parties have signed a definitive agreement to sell their entire stake in Mindtree to Larsen & Toubro for a consideration not exceeding Rs 3,269 crore.

At 09:22 hrs, Mindtree was quoting at Rs 952.85, down Rs 9.65, or 1 percent on the BSE.

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Source: Moneycontrol

L&T stock rises after Credit Suisse sees 34% upside as order inflows to be strong

Larsen & Toubro shares gained more than a percent in morning Wednesday after global research firm Credit Suisse maintained its outperform call on the stock.

The brokerage expects the stock to rally more than 34 percent to meet its target price of Rs 1,700 apiece as order inflows guidance is no longer a challenge for the company and inflows are likely to exceed company's FY19 guidance.

"We stay outperform on strong domestic pick-up, lower dependence on Middle East. Company has adequate pipeline of real estate development," it said, adding the stronger visibility is required to underwrite strong growth.

The stock was quoting at Rs 1,280.75, up Rs 16.60, or 1.31 percent on the BSE, at 09:42 hours IST.

The brokerage which is sanguine on margin as well said it revised FY19/FY20/FY21 EPS estimate by +2 /-1 /2 percent on model changes.

Meanwhile, during the current quarter (January-March 2019) its arm L&T Construction has received a mega contract for design and construction of a major airport, significant contracts for the power transmission & distribution and water & effluent treatment businesses, large contract for construction of hospitals, contracts for individual rural water supply projects by Government of Odisha. The construction arm also won orders valued Rs 1,060 crore.

L&T Hydrocarbon Engineering received a mega contract for south west gas fields development project from Sonatrach-Algeria, and two significant contracts for ethylene glycol project from IOCL. Its consortium wins another EPCI order from Saudi Aramco.

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Source: Moneycontrol