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<keyword id="141182" type="COMPANY" weightage="20" keywordseo="Larsen-Tourbo">Larsen &amp; Tourbo</keyword>’s technology arm, L&amp;T Technology Services, has successfully acquired the engineering services vertical of US technology company <keyword id="28251" type="CITY" weightage="20" keywordseo="Dell">Dell</keyword>. With the acquisition deal closed, the engineering giant will now provide comprehensive engineering research and development (ER&amp;D) services to its transportation customers, through its global delivery centers in the US and India. 
	 “Product engineering is undergoing structural shifts with evolving technologies, shorter development cycles, regulatory demands, and a shortage of skilled talent. This is a tremendous opportunity for us to have a strong local presence in North America where a majority of our clients are based. That along with <keyword id="2549810" type="UNKNOWN" weightage="20" keywordseo="Dell-Engineering-Services">Dell Engineering Services</keyword>’ strong expertise in Embedded, and Mechanical Design &amp; Analysis and a history of successful relationships in North America will help us ride the next level of growth,” said Keshab Panda, chief executive of L&amp;T Technology Services. 
	 
	He further added, “The transaction enhances L&amp;T Technology Services’ ability to offer differentiated technology solutions and full program management services by leveraging global-local talent base at any point in the product development cycle. Dell Engineering Services has delivery centers in Illinois, Iowa and Texas in the US and Bangalore and Hyderabad in India.” 
	 
	The American division of Dell Engineering Services will become a part of L&amp;T Technology Services’ North America Offsite Delivery center and will have the headquarter in Peoria, Illinois. The company through the deal will now have greater access to the customer base of Dell Engineering Services and will enjoy a better share in the $4 billion transportation ER&amp;D market.

India’s Engineering Major L&T Acquires Dell’s Engineering Services Division

India Business Wire India Q4 <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">Revenue</keyword> of 197.5mn, up 4% QoQ Q4 Net profit of ₹195 crore, up 5% QoQ <keyword id="1380245" type="COMPANY" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> Limited (BSE: 540115, NSE: LTTS), India's leading pure-play engineering services company, announced its results for the fourth quarter and full year ended March 31, 2021. Highlights for Q4FY21 include: Revenue at ₹14,405 million; growth of 2.8% QoQ <keyword id="54123" type="COMPANY" weightage="20" keywordseo="USD">USD</keyword> Revenue at 197.5 million; growth of 3.9% QoQ EBIT margin at 16.6%; up 140 bps QoQ Net profit at ₹1,945 million; growth of 4.5% QoQ Highlights for FY21 include: Revenue at ₹54,497 million; decline of 3% USD Revenue at 737 million; decline of 6.3% EBIT margin at 14.5% Net profit at ₹6,633 million; decline of 19% Board has recommended a final dividend of ₹14.50 per share During the quarter, LTTS won 6 deals with TCV of USD10 million plus, which includes 2 USD25 million plus deals. Revenues from digital and leading-edge technologies stood at 52% during the quarter. We are exiting FY21 on an optimistic note post three consecutive quarters of strong deal wins and sequential revenue and operating margin improvement. The annual free cash flow generation at ₹1,252 crores was at a record high. I am happy to note that in Q4, our revenue is back on the positive year-over-year growth path. We are seeing healthy deal win closures and pipeline build up as customers look for innovation and digital led transformation to strengthen their market positioning. Across all our five segments, we are investing in disruptive technologies and design labs to further the growth. As we continue to execute in an environment made difficult by Covid uncertainties, I would like to thank our employees for their commitment, customer focus and resilience that has helped us deepen strategic relationships, said Amit Chadha, CEO &amp; Managing Director, L&amp;T Technology Services Limited. Industry Recognitions: LTTS has been recognized as a Leader' for Development and Verification &amp; Validation services in Industry 4.0 by Everest Group ISG Group rated LTTS as Leader' in Smart Manufacturing Services for Automotive and Hi-Tech LTTS won the 2021 Big Innovation Awards, USA for Chest rAI and i-BEMS . For its Solar Electrification tribal village project, LTTS was conferred with the Mahatma Award for CSR Excellence. Patents At the end of the fourth quarter, the patents portfolio of L&amp;T Technology Services stood at 650, out of which 485 are co-authored with its customers and the remaining 165 have been filed by LTTS. Human Resources At the end of Q4FY21, LTTS' employee strength stood at 16,452. About L&amp;T Technology <keyword id="266374" type="DOMAIN" weightage="20" keywordseo="Services-Ltd">Services Ltd</keyword> L&amp;T Technology Services Limited (LTTS) is a listed subsidiary of <keyword id="689816" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword> focused on Engineering and R&amp;D (ER&amp;D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world's top ER&amp;D companies, across industrial products, medical devices, transportation, telecom &amp; hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/the-designer-for-bentley-aston-martin-and-jaguar-will-now-work-on-ola-electric-new-models/articleshow/82383151.cms">The designer for Bentley, Aston Martin and Jaguar will now work on Ola Electric's new models</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-download-release-date-everything-we-know-so-far/articleshow/82383038.cms">PUBG Mobile India to relaunch as Battlegrounds Mobile India – here’s what we know so far</a> <a href="https://www.businessinsider.in/tech/apps/news/coders-are-coming-up-with-new-ways-to-check-for-covid-19-vaccination-slots-on-cowin/articleshow/82383284.cms">Indian coders are working around the CoWIN app to help people bag the elusive vaccine slots</a> <a href="https://www.businessinsider.in/tech/news/apple-analyst-predicts-an-8-inch-foldable-iphone-to-launch-in-2023/articleshow/82383566.cms">Apple analyst predicts an 8-inch foldable iPhone to launch in 2023</a>

L&T Tech announces dividend of ₹14.50  even as revenue for the year dips by 3%

<ul><li>Shares of <keyword id="2535680" type="PERSON" weightage="20" keywordseo="LT-Technology">L&amp;T Technology</keyword> Services touched its record high mark of ₹3,447 on July 15.</li><li>The engineering services company delivered 84% year on year growth in net profit to ₹216 crore.</li><li>The company filed 23 patents in the June quarter.</li></ul>Shares of L&amp;T Technology Services, the engineering services arm of India’s largest construction company, surged 18% in a single day as investors celebrated the exemplary performance by the company in June quarter. The company reported 85% year on year growth in its net profit to ₹216 crore and 17% on year growth in revenue to ₹1,518 crore. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Financials </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Apr-Jun 2021 (in rupee crores) </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Jan-Mar 2021 (in rupee crores) </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,518 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1440 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Net income </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">216 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">194 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gross profit </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">506 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">465 </td></tr></tbody></table> The strong quarter performance was supported by a huge deal win and good growth in digital engineering revenues. The company won 11 large deals across 5 segments -- transportation, industrial products, telecom and hi-tech, plant engineering and medical devices. “Digital transformation deals now account for 54% of our revenue. Our strong growth foundation in the digital transformation domain enables newer opportunities for us. FY22 will be about relooking at our offerings and portfolios to resonate with the needs of the modern world,” the company said on <a href="https://twitter.com/LnTTechservices/status/1415304700652576769">Twitter</a>. <div type="image" title="L&amp;amp;T Tech stock" height="900" width="1200" msid="84437562" hostid="261"></div> Moreover, the company has filed 23 patents in the June quarter. At the end of the first quarter, the patents portfolio of L&amp;T Technology Services stood at 719, out of which 531 are co-authored with its customers and the rest are filed by the company. The engineering services company relies on a combination of patent, copyright and trademark laws, trade secrets, confidentiality procedures and contractual provisions to protect its intellectual property. “We started the new fiscal with a strong performance, despite the pandemic related challenges during the quarter. In Q1, we got our revenue back on the double-digit growth trajectory and marked four consecutive quarters of operating margin improvement. The deal pipeline is healthy across segments, and we expect broad based growth to continue. Our innovation engine is matching the pace of our growth as we filed a record 23 patents in Q1,” said Amit Chadha, chief executive officer and managing director of L&amp;T Technology Services in June quarter release. Further, the company looks to scale its operations in 6 areas -- automated electric vehicles, medical technologies, digital manufacturing, artificial intelligence and machine learning, and sustainability. At the end of June quarter, the company had an employee strength of 16,972. At 2:11 p.m., on July 15, shares of the company were trading 18% higher at ₹3,440. SEE ALSO: <a href="https://www.businessinsider.in/business/news/merus-plea-against-uber-abusing-its-dominant-status-rejected-by-cci/articleshow/84434982.cms">Meru’s plea against Uber abusing its dominant status rejected by CCI </a> <a href="https://www.businessinsider.in/business/corporates/news/just-dial-share-price-surge-as-mukesh-ambani-is-looking-to-buy-just-dial/articleshow/84432450.cms">As Mukesh Ambani reportedly dials in, Just Dial stocks surge 3% </a> <a href="https://www.businessinsider.in/business/startups/news/pubg-developer-krafton-is-going-to-help-indian-storytelling-platform-pratilipi-to-turn-a-few-stories-into-games/articleshow/84430517.cms">PUBG developer Krafton is going to help Indian storytelling platform Pratilipi to turn a few stories into games </a>

L&T Technology Services gains more than 18% in a day on strong financials

<ul><li><keyword id="2535680" type="General" weightage="20" keywordseo="LT-Technology" source="Orion">L&amp;T Technology</keyword> Services Limited on Wednesday reported 22 per cent revenue <keyword id="42546" type="General" weightage="20" keywordseo="growth" source="Orion">growth</keyword>.</li><li>For the fourth quarter of FY23, the pure-play engineering services company recorded Rs 2,096 crore, a growth of 19 per cent YoY.</li></ul>New Delhi, L&amp;T Technology Services Limited on Wednesday reported 22 per cent revenue growth at Rs 8,014 crore for the FY23. The net <keyword id="6362247" type="General" weightage="20" keywordseo="profit" source="Orion">profit</keyword> for the fiscal year was Rs 1,170 crore, also a 22 per cent jump (on-year). For the fourth quarter of FY23, the pure-play engineering services company recorded Rs 2,096 crore, a growth of 19 per cent YoY, with a net profit of more than Rs 309 crore, a 18 per cent growth. During the quarter, LTTS won a $40 million deal and three $10 million plus total contract value (TCV) deals. "FY23 was a landmark year for us as we crossed a billion dollars in revenue run rate and Rs 1,000 crore in annual profits. Our EBIT margin was the highest ever at 18.5 per cent driven by a strong focus on building a robust and sustainable operating model," said Amit Chadha, CEO and Managing Director, L&amp;T Technology Services Ltd. The combination of steady growth and expanding operating margin has led to an 18 per cent CAGR in profits over the last 5 years, he added. At the end of Q4 FY23, the patents portfolio of L&amp;T Technology Services stood at 1,090, out of which 727 are co-authored with its customers and the rest are filed by LTTS. The company currently has 22,233 employees. LTTS's customer base includes 69 Fortune 500 companies and 57 of the world's top ER&amp;D companies, across industrial products, medical devices, transportation, telecom &amp; hi-tech, and the process industries. "We are optimistic about the future and look for another year of strong growth as we partner with the top ER&amp;D companies globally in developing next generation products", said Chadha. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-best-vpns-to-safeguard-your-online-privacy-and-security-in-india/articleshow/99727397.cms">The best VPNs to safeguard your online privacy and security in India</a> <a href="https://www.businessinsider.in/tech/news/formerly-barred-from-pharma-industry-entrepreneur-develops-ai-tool-using-chatgpt-to-cut-down-hospital-runs/articleshow/99662101.cms">Formerly barred from pharma industry, entrepreneur develops AI tool using ChatGPT to cut down hospital runs</a>

L&T Technology Services logs 22% growth in revenue, net profit in FY23

New Delhi, Jan 23 () L&amp;T Technology Services (LTTS) on Thursday said that it has joined a Qualcomm program to provide smart city solutions to original equipment manufacturers (OEMs) and system integrators.
 The community matchmaking program brings together smart solutions providers with municipalities or systems integrators looking to solve problems.
 "L&amp;T Technology Services has joined the Qualcomm Smart Cities Accelerator Program to collaborate on providing smart ecosystem solutions and services to help global enterprises accelerate the digital transformation to smart urban infrastructure," the company said in a filing to BSE.
 This can help drive additional value and integrate solutions with secure interoperability, edge processing and an ecosystem to deploy at scale, it said, adding that LTTS has expertise in smart ecosystems - smart cities, smart warehousing and smart manufacturing solutions.
 "Together with Qualcomm Technologies' global technology leadership in edge compute capability, cutting-edge processors and wide-area and local-area communications technologies, LTTS can offer a portfolio of digital offerings to address energy conservation, operational efficiency and digital transformation to cities, making them smarter and more sustainable," as per the filing.
 The shares of L&amp;T Technology Services were trading at Rs 1,705.45 a piece on BSE, up 4.61 per cent from the previous close. SID ANS
ANS

L&T Tech joins Qualcomm program for smart city solutions

<ul><li>L&amp;T management reassured investors after its hostile takeover of Mindtree</li><li>The conglomerate's IT subsidiary L&amp;T Infotech and Mindtree will operate as separate entities</li><li>Investors in Mindtree will be given an open offer at ₹980</li><li>L&amp;T will even consider to buy back shares from Mindtree's investors</li></ul> Shares of L&amp;T Infotech gained over 3.7% during mid-day trade on Tuesday (March 19) after a reassurance from the L&amp;T managment. "Our intent is to keep both of them separate,” President SN Subrahmanyan said at a press conference after the conglomerate, which spans businesses from infrastructure to information technology, bought a controlling stake in the Bengaluru-based Mindtree. This will be the first hostile takeover of an Indian information technology (IT) services firm as Mindtree's founders resisted the takeover by L&amp;T. L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a target="_blank" href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a target="_blank" href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms">significantly wider profit</a> margin of 16% compared to Mindtree's 10%. However, Subrahmanyan explained that L&amp;T Infotech will continue its existing focus on banking, insurance etc, whereas Mindtree will operate in retail and hospitality. L&amp;T will buy coffee baron VG Siddhartha's20.4% stake in the the mid-tier IT services company Mindtree for approximately ₹3,300 crore. L&amp;T also intends to purchase an additional stake of upto 15% from the open market and another 31% from Mindtree shareholders at ₹980 per share.

L&T Infotech and Mindtree will remain separate and the open offer will be at ₹980

To tap the upbeat investor sentiment, three firms - <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">ICICI Prudential Life</a> <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword> Company, <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">L&amp;T Technology Services</a> and <keyword id="3079163" type="UNKNOWN" weightage="20" keywordseo="GNA-Axles">GNA Axles</keyword> - will hit the markets this month to raise over Rs 7,000 crore through IPO. 
 Bidding for shares in <keyword id="1380245" type="UNKNOWN" weightage="20" keywordseo="LT-Technology-Services">L&amp;T Technology Services</keyword> will open tomorrow, while the same for GNA Axles would begin on September 14 and <keyword id="75577" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life">ICICI Prudential Life</keyword>'s public issue would be open for subscription from September 19. 
 The public issue of ICICI <keyword id="118708" type="CITY" weightage="20" keywordseo="Prudential">Prudential</keyword> Life is expected to garner Rs 6,057 crore, L&amp;T Technology (Rs 894 crore) and GNA Axles (Rs 130 crore). 
 The equity shares offered through the initial public offers (IPOs) are proposed to be listed on the BSE and <keyword id="6354646" type="CITY" weightage="20" keywordseo="NSE">NSE</keyword>. 
 
Since the beginning of 2016, as many as 17 companies have already floated their IPOs and got listed on the <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">stock exchanges</a>. 
 
ICICI Prudential Life's public offer comprises up to 18,13,41,058 <a href="http://www.businessinsider.in/searchresult.cms?query=IPO&amp;sortorder=score">equity shares </a>of <keyword id="632740" type="COMPANY" weightage="20" keywordseo="ICICI-Prudential-Life-Insurance-Company">ICICI Prudential Life Insurance Company</keyword>. 
 
This would be the first public issue by an insurer in India. It would also be the biggest IPO after Coal India, which had hit the markets in 2010 to raise over Rs 15,000 crore. 
 The insurer is a venture between banking major <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and UK's Prudential Corporation Holdings. ICICI Bank has around 68% stake in the insurer, while Prudential has 26 per cent. <keyword id="6356662" type="COUNTRY" weightage="20" keywordseo="Singapore">Singapore</keyword>'s <keyword id="6367519" type="PERSON" weightage="20" keywordseo="Temasek">Temasek</keyword> and PremjiInvest also are shareholders. 
 
The firm has fixed a price band between Rs 300 to Rs 334 per equity share. 
 L&amp;T Technology Services' IPO comprises an offer for sale of up to 10,400,000 shares by its promoter <keyword id="147676" type="PERSON" weightage="20" keywordseo="Larsen">Larsen</keyword> and <keyword id="304986" type="COMPANY" weightage="20" keywordseo="Toubro">Toubro</keyword> (L&amp;T). The firm has fixed price band of Rs 850 to Rs 860 per share for the IPO. 
 
The initial public offering of auto components maker GNA Axles comprises an issue of up to 63 lakh shares. The price band has been sat Rs 205-207 per share.

Watchout for these three new IPOs hitting the market to raise Rs 7,000 crores

New Delhi, Jan 17 () IT company L&amp;T Technology Services on Friday posted a 10 per cent rise in consolidated net profit at Rs 204 crore during the quarter ended December 31, 2019 mainly on account of business growth in North America.
 The company had posted a net profit of Rs 185.6 crore in the same period a year ago.
 "We had a strong performance in three segments - transportation, plant engineering, and medical devices that are each growing in excess of 20 per cent on year-on-year (YoY) basis. Digital and leading-edge technologies - the growth driver for ER&amp;D ( Engineering and R&amp;D), contributed to 41 per cent of third quarter revenues and grew by 29 per cent YoY," L&amp;T Technology Services Limited (LTTS) CEO and Managing Director Keshab Panda said in a statement.
 The company's revenue increased 8.1 per cent to Rs 1,423 crore in the quarter from Rs 1,316.9 crore in October-December 2018-19.
 "We are seeing a new set of opportunities as customers seek disruptive technologies like AI, sensor fusion and industrial robotics to strengthen their market competitiveness," Panda said.
 The company opened its 9th design center outside India, Aerospace and Defense Engineering Design Center in Rockford, Illinois (US), that will cater to the development of high-performance engineering solutions for the global aerospace and defence industry. The revenue of the company from telecom and high-tech segment declined 26.7 per cent on year-on-year basis.
 LTTS' revenue in North American market grew by 13.7 per cent, while it recorded dip in all other main markets. 
 The company's revenue in Europe and India declined by 6.3 per cent and 1.8 per cent, respectively.
 Onsite projects contributed 44 per cent to the total revenue of the company and the rest was from offshore projects.
 Shares of LTTS closed at Rs 1,634.8 apiece on the BSE on Friday, 1.15 per cent lower than the previous close. PRS RVK

L&T Technology Services Q3 net profit up 10 pc at Rs 204 cr

<ul><li>The scope of the project involves design, supply, construction and testing, and commissioning of the depot.</li><li><keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword> is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It has operations in over 50 countries.</li><li>Shares of L&amp;T were trading marginally up by 0.06 per cent at ₹ 2,085.65 on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword> in preclose session. </li></ul> <keyword id="147676" type="General" weightage="50" keywordseo="larsen" source="Orion">Larsen</keyword> and Toubro (L&amp;T) on Monday said it has bagged another "large" order in the proposed <keyword id="1025777" type="General" weightage="20" keywordseo="mumbai-ahmedabad" source="Orion">Mumbai-Ahmedabad</keyword> bullet train project from the National High-Speed Rail Corporation. The project involves commissioning of a depot spread over around 82 hectares in Gujarat, L&amp;T said in a filing to exchanges. Though the engineering and construction giant did not reveal the worth of the order, as per the project classification of the company, a large project falls in the range of ₹ 2,500 crore to ₹ 5,000 crore. "The buildings and factories business of L&amp;T Construction has secured an order from the <keyword id="6432751" type="General" weightage="20" keywordseo="national-high-speed-rail-corporation-limited" source="Orion">National High-Speed Rail Corporation Limited</keyword> (NHSRCL) to construct the Sabarmati Depot (MAHSR - D-2) in Gujarat for the (MAHSR project through a consortium led by <keyword id="1137882" type="General" weightage="50" keywordseo="sojitz-corporation" source="Orion">Sojitz Corporation</keyword>, Japan," it said. The scope of the project involves design, supply, construction and testing, and commissioning of the depot spread over approximately 82 hectares including various specialised equipment required to inspect and maintain the rolling stock based on the proven <keyword id="1932907" type="General" weightage="50" keywordseo="shinkansen" source="Orion">Shinkansen</keyword> technology and upon completion, will be the biggest depot in India for this purpose. L&amp;T is already executing civil viaduct and station packages (C4, C5 &amp; C6), special steel bridges packages P4(X) and P4 (Y), and ballastless track works for the bullet train project. L&amp;T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It has operations in over 50 countries. Shares of L&amp;T were trading marginally up by 0.06 per cent at ₹ 2,085.65 on BSE in preclose session. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-germany-ink-deal-on-comprehensive-migration-and-mobility-partnership/articleshow/96001711.cms">India, Germany ink deal on comprehensive migration and mobility partnership</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kolkata-hyderabad-and-pune-remain-indias-most-affordable-residential-cities-jll/articleshow/96001910.cms">Kolkata, Hyderabad and Pune remain India’s most affordable residential cities: JLL</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/e-commerce-platform-carousell-lays-off-110-employees-to-reduce-costs/articleshow/95997109.cms">E-commerce platform Carousell lays off 110 employees to reduce costs</a>

L&T bags new large order in Mumbai-Ahmedabad bullet train project

<ul><li>Mindtree shares open the week with gains of over 2% </li><li>L&amp;T is set to make a hostile bid as the company's founders refuse let go of control</li><li>Company's strategic investor, coffee baron VG Siddhartha, is expected sell his 21% stake to L&amp;T</li></ul> Indian technology services company Mindtree, backed by coffee baron VG Siddhartha, is at the centre of a takeover battle between the company's founders and one of the country's biggest conglomerates, Larsen and Toubro (L&amp;T). Shares of Mindtree opened the day up over 2% on Monday (March 18) as investors expect the battle for control between the hostile suitor L&amp;T, which has proposed to buy out <a href="https://tech.economictimes.indiatimes.com/news/corporate/mindtree-founders-plan-buyback-wall-to-block-lt/68435104" data-type="tilCustomLink" target="_blank">Siddhartha's 21% stake</a> in the company, and the existing leadership determined to keep control of the company. If L&amp;T pulls it off, it would be the first hostile takeover of an Indian IT company. The founders, Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan, together own 13.32% stake in the company and they are so reluctant to let go of the company that Bagchi left a government job to avert a hostile takeover of Mindtree by L&amp;T. 
	
	
	
	
	
	
	
	
	<div type="twitter" handle="skilledinodisha" handlename="Subroto Bagchi" image="http://pbs.twimg.com/profile_images/727342138430771200/Kf0tzvdR_normal.jpg" favoritecount="418" retweetcount="101" status="Mindtree has not been designed as an “asset” to be bought &amp; sold. It is a national resource. It has a unique cultur… https://t.co/x9uT0UQ25s" createdat="1552835669000" id="1107299169415225345"></div>



















 The board of directors informed the stock exchange on Friday that it will consider a share buyback in a meeting on March 20. The move has come after the founders <a href="https://www.livemint.com/" data-type="tilCustomLink" target="_blank">reportedly</a> could not find private equity investors to counter L&amp;T's offer. L&amp;T <a href="https://timesofindia.indiatimes.com/business/india-business/lt-to-make-1st-ever-hostile-bid-in-indian-it-for-mindtree/articleshow/68457037.cms" data-type="tilCustomLink" target="_blank">reportedly</a> plans to spend $1 billion, including an open offer to minority investors, to gain controlling stake in the company. Indian takeover laws mandate that the suitor must buy shares worth 26% of the target company from the open market, if the stake in the target exceeds 25%. L&amp;T's offer price for another 31% stake in Mindtree may be around ₹980 apiece, a 4% premium to Friday’s closing price, the Economic Times reported. A share buyback by the existing board of directors at Mindtree would mean the company will use a part of its existing ₹2.8 billion reserves to thwart L&amp;T's bid. Investors may not like that, especially, at a time when there is premium offer on the table. On the other hand, L&amp;T Infotech, which is the conglomerate's IT subsidiary, has already lost a lot of share value since January when the rumours of the takeover surfaced. Investors <a href="https://www.livemint.com/market/mark-to-market/l-t-infotech-shares-already-carry-scars-of-meddling-with-mindtree-1552842303673.html" data-type="tilCustomLink" target="_blank">fear merging with Mindtree</a>, which has only one large client that is Microsoft, may hurt the performance of L&amp;T Infotech, whose stock price has more than doubled in the last three years and has a <a href="https://economictimes.indiatimes.com/tech/ites/lt-set-to-seal-mindtree-deal-with-caf-coffee-day-founder-vg-siddhartha/articleshow/68457010.cms" data-type="tilCustomLink" target="_blank">significantly wider profit</a> margin of 16% compared to Mindtree's 10%.

India begins a new trading week with a hostile takeover battle between Mindtree's founders and L&T

New Delhi, Dec 4 () Engineering major Larsen &amp; Toubro (L&amp;T) on Wednesday said it has bagged various orders across different business segments in both domestic and international markets.
 The construction arm of L&amp;T has secured orders from clients across various states for its varied businesses, the company said in a filing to the BSE.
L&amp;T's power transmission and distribution business has bagged various orders in India and overseas.
 "In Maharashtra, an empanelment and rate contract has been awarded to provide off-grid DC solar photovoltaic water pumping systems with standalone lighting systems for farmers in the Aurangabad, Nashik and Pune revenue divisions," the company said.
 These systems will have provision for mobile charging, transfer of automated meter reading and water discharge reading data.
In the UAE, the company secured an order for the design, supply and construction of a substation project with associated cabling works from one of the government utilities.
 Additional orders have been won in ongoing projects in the Middle East, the company said.
 L&amp;T said it has also secured a major add-on order from an existing client in Qatar for an expressway.
 "Additionally, various add-on orders have been received by some existing projects in the Water and Effluent Treatment and Metallurgical and Material Handling businesses," it said.
 Larsen &amp; Toubro is engaged in technology, engineering, construction, manufacturing and financial services with over USD 21 billion in revenue. It operates in over 30 countries worldwide. 
The company's stock was trading at Rs 1,290.20, down 1.78 per cent, on the BSE. SID SID ANU
ANU

L&T bags various orders in India and overseas

Mindtree, a <keyword id="147676" type="General" weightage="80" keywordseo="larsen" source="Orion">Larsen</keyword> &amp; Toubro Group company, is planning to set up a development centre in <keyword id="6354925" type="General" weightage="50" keywordseo="kolkata" source="Orion">Kolkata</keyword>, which could create employment opportunities for 15,000-20,000 people in the next four-five years, a company official said here on Wednesday. The IT services firm has already onboarded 1,700 people in its existing facility in the West Bengal capital so far, he said. "We have taken up 19 acres of space. Hopefully, things will start. The construction will be done by L&amp;T... the management is committed. We will set up a huge centre," Mindtree Ltd Chief Executive Officer and Managing Director <keyword id="214484" type="General" weightage="80" keywordseo="debashis-chatterjee" source="Orion">Debashis Chatterjee</keyword> said at ICT East organised by CII. The development centre can create employment opportunities for 15,000-20,000 people, he said. The IT company had in March announced the opening of its first development centre in Kolkata. Another IT company of the L&amp;T group, Larsen and Toubro Infotech (LTI) had in June also announced opening up of a new centre in the eastern metropolis. Larsen and Toubro board had in May announced a composite scheme of amalgamation of its two listed IT services firms to create a combined entity. During the event, State Information Technology minister <keyword id="6721" type="General" weightage="80" keywordseo="babul-supriyo" source="Orion">Babul Supriyo</keyword> urged the industry leaders to guide his department about "what needs to be done" to grow the information and technology sector in West Bengal. Another multinational technology firm Oracle is also weighing opportunities in the state for a data centre project that could help small and medium businesses. We are working very closely with the government towards creating a dedicated data centre for West Bengal, said <keyword id="105775" type="General" weightage="80" keywordseo="shailendra-kumar" source="Orion">Shailendra Kumar</keyword>, senior vice president, regional managing director India and NetSuite JAPAC, Oracle NetSuite Global Business Unit. The plans could take shape over the next 2-3 months, he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sensex-nifty-in-the-green-as-crude-prices-soften/articleshow/94066162.cms">Sensex, Nifty in the green as crude prices soften</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indigo-shares-fall-over-4-as-co-founder-rakesh-gangwal-offloads-2000-cr-worth-stake/articleshow/94065345.cms">IndiGo shares fall over 4% as co-founder Rakesh Gangwal offloads ₹2,000 cr worth stake</a>

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