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New Delhi, Apr 17 () To help India fight against COVID-19 pandemic, Larsen &amp; Toubro will provide medical aid worth Rs 40 crore comprising of PPEs, N95 masks, diagnostic kits and other medical equipments, a top company official said on Friday. This will be in addition to the Rs 500 crore provision per month by the engineering giant for providing support to 160,000 contract labour spread across the country and donation of Rs 150 crore to the PM-CARES Fund announced on March 30. The company will provide 45,000 PPEs, 151,000 N95 masks and 155 diagnostic kits. The value of the medical aid to combat deadly coronavirus is estimated at about Rs 40 crore. "As a responsible corporate citizen, we are providing the PPEs, diagnostic kits, N95 masks and critical hospital equipment including ventilators that will be helpful in effectively combating the pandemic", SN Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro told . The conglomerate plans to donate Personal Protective Equipment (PPEs) to various healthcare organisations under State governments of Maharashtra, Tamil Nadu, Gujarat, Bihar, Uttar Pradesh, Madhya Pradesh, Assam and Telangana. It plans to donate 151,000 N-95 masks to health agencies in Madhya Pradesh, Bihar, Gujarat, Telangana, Tamil Nadu and Maharashtra, he said. The company has already handed over 100 semi fowler beds with matresses, 2 ventilators, 7 bipap ventilators and 20 multiparameter monitors to Tamil Nadu Health Department-run The King Institute of Preventive Medicine and Research, Chennai. The institute will further receive 8 ventilators from L&amp;T shortly, he said adding, the company also plans to donate 12 ventilators for state health authorities in Bihar, Madhya Pradesh and Maharashtra. L&amp;T is sourcing 155 make-in-India test kits - capable of conducting 15,500 tests - developed by Pune-based molecular diagnostic company, Mylab Discovery Solutions to be donated to Central government and state governments. Each kit can conduct 100 tests and is capable of detecting infection in 2.5 hours as opposed to other imported kits that take longer duration. The move assumes significance in the wake of shortage of testing kits and short supplies of equipment. As the daily wage earners are facing problems during the lockdown, L&amp;T has also provided grocery kits to 1,966 families and cooked meals were provided to 8,000 people in Mumbai through its NGO partners. Also, the company is providing 2,000 meals per day for 2 weeks to doctors, sanitation workers, stranded families in public hospitals in Chennai, as per information. Additionally, 20,000 meals are being provided to migrant workers and labourers in the state capital of Tamil Nadu. NAM DRR

COVID-19: L&T to donate PPEs, N95 masks, other medical equipments

<ul><li><keyword id="6354919" type="General" weightage="20" keywordseo="LT" source="Orion">L&amp;T</keyword>’s board approved a buyback at a maximum price of ₹3,000 per share for an aggregate consideration of up to ₹10,000 crore.</li><li>Special dividend was announced to mark the end of A M Naik’s tenure with the company. </li><li>Stress in core segment margins will continue for next two quarters as it carries post-Covid, post-war overhang. </li><li></li></ul>Infrastructure major <keyword id="45475" type="General" weightage="20" keywordseo="Larsen-Toubro" source="Orion">Larsen &amp; Toubro</keyword>’s (L&amp;T) Q1 consolidated net profit went up by 46% to ₹2,493 crore, from ₹1,702 crore in the same quarter last year. It also said the board of directors approved a share buyback at the maximum price of ₹3,000 each for an aggregate consideration of up to ₹10,000 crore. The proposal is subject to the approval of shareholders. The board also approved a special dividend of ₹6 per equity share to mark the end of chairman A M Naik’s extraordinary tenure with the company, said R Shankar Raman, L&amp;T's CFO said in an earnings conference call. Naik will retire as the non-executive chairman of the company in September this year, after which the current CEO &amp; MD S N Subrahmanyan will take over as its executive chairman and MD. Revenue guidance unchanged L&amp;T’s consolidated revenues went up 34% to ₹47,882 crore for the quarter, from 35,853 crore in Q1 of FY23. The company said that it was primarily aided by the execution of a healthy order book in its projects and manufacturing portfolio. However, Raman refused to change the goalpost of the revenue guidance of 12-15% given for FY24. “If all goes well, we will be at the upper end of the guidance,” he said. The company received orders worth ₹65,520 crore at the group level during the quarter, registering a y-o-y growth of 57%. International orders at ₹27,646 crore during the quarter comprised 42% of the total order inflow. The company said that orders were received across diverse segments like rail, renewables, rural water supply, transmission &amp; distribution, IT &amp; office space and onshore and offshore verticals of the hydrocarbon business, during the quarter. The consolidated order book of the group is at ₹4,12,648 crore as on June 30, 2023, with international orders having a share of 29%. “Capex buoyancy in India Gulf Cooperation Council is providing the much-needed tailwinds for growing our projects &amp; manufacturing portfolio, ably supported by the resilient performance of the services businesses,” said S N Subrahmanyan, CEO &amp; MD, Larsen &amp; Toubro. Core segment margins to remain stressed in near term Its infrastructure segment saw order inflows of ₹40,051 crore, double what was recorded in the same quarter last year. The EBITDA margin of the segment during the quarter, however, reduced to 5.1% vis-à-vis 6.5% recorded in the corresponding quarter. The infrastructure business orders that were executed during the quarter were won in the second half of FY22 and FY23. The pricing of these orders factors in inflationary trends seen in the post-Covid, post-War period, Raman said explaining the margin squeeze seen in the segment during the quarter. He added that this segment’s margins will continue to be subdued for the next quarter or two. “Improvement in margin trajectory will be seen only in Q4. In fact 2024-25 will be a far healthier period,” Raman said. In its outlook, the company said that major economies are turning around the corner. Major oil producing nations continue to invest in oil &amp; gas, industrialisation and energy transition initiatives, which will augur well for the company’s projects business. L&amp;T said that in the backdrop of this mixed sentiment, its focus will remain on cash generation and judicious capital allocation. “The company has a robust order prospects pipeline in the medium term and is confident of sustaining its growth momentum by utilising the emerging opportunities, with an overarching aim of improving shareholder value on a sustainable basis,” it said in a press release.

L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

New Delhi, <keyword id="27859" type="ORGANIZATION" weightage="20" keywordseo="engineering">Engineering</keyword> and construction conglomerate <keyword id="45475" type="COMPANY" weightage="20" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword> (L&amp;T) is looking to recruit close to 1,100 graduate and post graduate engineer trainees in 2021 and deploy them across various business verticals, a top company official has said. The company, through its ongoing virtual hiring process, has already made around 250 offers in the recent hiring season at premium education institutes like <keyword id="6356755" type="COMPANY" weightage="20" keywordseo="iit-madras">IIT Madras</keyword>, <keyword id="6354859" type="COMPANY" weightage="20" keywordseo="IIt">IIT</keyword> Guwahati, IIT BHU, <keyword id="61708" type="COMPANY" weightage="20" keywordseo="IIT-Bombay">IIT Bombay</keyword>, IIT Delhi, IIT Roorkee, <keyword id="6364832" type="COMPANY" weightage="20" keywordseo="IIT-Kharagpur">IIT Kharagpur</keyword>, IIT (ISM) Dhanbad, IIT Hyderabad and other IITs. "L&amp;T not only offers Graduate and Post Graduate Engineer Trainees (GETs &amp; PGETs) continuous learning opportunities and a growth path but also gives them immense satisfaction to work on projects that are high on the top of national or global pecking order," company's chief executive and managing director S N Subrahmanyan said. In 2021, it is planning to hire 1,100 engineers and has already made offers to 250 IITians, he said. Every year, the company recruits around 1,100 plus engineers, 90% of which belongs to premier institutes like IITs, NITs, and top government engineering colleges, the company said. During this pandemic year also, the company has kept its momentum of hiring from best of the institutes and has introduced its internally built online hiring platform to facilitate 100% remote recruitment, Subrahmanyan said. "The Graduate Engineer Training (GET) programme has several alumni and leaders serving in leadership positions at the company. This signature programme known for its selection rigour has very high aspirational value in the best campuses across the country," added Subrahmanyan. The entire hiring process of L&amp;T is digital and remote, including the testing process which is conducted with the help of remote proctoring tool which monitors the test based on 14 parameters. The platform used for hiring has been developed internally by the company. The company said this hired talent will be put to an internally developed induction program for over three weeks. The programme inducts talent into business and functional aspects of L&amp;T and imparts experiential learning and hands-on technical sessions. This is also an opportunity for these youngsters to interact with the senior leadership of L&amp;T and get acquainted with the strategy and core values of the organisation. Despite pandemic-related challenges, the company kept its commitment and completed over three-week virtual induction process for all freshly hired GETs &amp; PGETs of 2020 batch through digital and remote mode in August 2020, the company said. "The efforts to hire the best and develop its talent is complimented by numerous career opportunities that the L&amp;T Group provides to its employees. The diversity of businesses and the scale of operations, with its wide array of high and mighty complex engineering, construction, technology, defence and services projects, indeed opens up multiple domain avenues for career growth for its employees," Subrahmanyan said. This acquired pool of talent will be deployed in critical roles like business development, strategy, design, contract management, project management and construction management to mention a few. In this pandemic period also, the company said it has continued its culture of acquiring the best entry-level talent and groom it further to usher in nation-building through engineering and construction. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

L&T plans to hire 1,100 engineers in 2021, offers already made to 250 IITians

New Delhi, Mar 21 () Amid coronavirus outbreak, engineering and construction giant Larsen &amp; Toubro (L&amp;T) on Saturday pledged to protect livelihood of its contract labour.Though the exact number of contract labour is not known, the major has employed them at its 500 projects, as per sources. "We employ a huge amount of contract labour who are totally dependent on us for their daily livelihood. It is important for us to protect them at this point of time from the vagaries of work and to ensure that daily needs are provided at both, the essential worksites and their place of stay," said L&amp;T CEO and Managing Director S N Subrahmanyan.In a video message to employees, Subrahmanyan said extra vigil should be put across the labour camps of the project sites to ensure that proper hygiene, food, removal of waste, cleanliness including social distancing is maintained and managed.Urging its workforce to look at coronavirus, he said "how we deal with this collectively and collaboratively will be the way as we also look to take ourselves forward."Stressing that in every crisis, there is an opportunity, the MD said resilience, discipline and at the same time, imagination, innovative ability have to be played out. "Most important is compassion for others, especially the elderly who seem to be more vulnerable, taking care of each others including our workforce, smaller vendors, sub-contractors and others who are dependent on our ecosystem," he said."Determination to do one's duty against all odds is the stuff that L&amp;T-ites are made of and I am sure in the testing times ahead, we will be capable of taking up these challenges and will have the opportunity to demonstrate our mettle," he said.Urging employees to exercise restraint at the time of pandemic of this magnitude, Subrahmanyan also urged employees to open mind to new learnings. "The technology that has been implanted in many of our projects should come to the fore now. Using heat sensing cameras to detect people with illness, looking at gatherings, people spitting, and such should be traced and appropriately counselled," he said.Using the labour app (WISA) to inform on the nature of Corona Virus, its symptoms, testing facilities available locally as well as preventive measures can be propagated and that is being done in English, Hindi and other vernacular languages, he added."As L&amp;T, we play an important role in the country"s manufacturing and infrastructure economy, he said and added "We also have a serious role to play from an IT services point of view as we maintain certain crucial Infrastructure and facilities for our clients that are essential services."He added: "Whether we work from offices, sites or home, it should be normal. Extensive use of mobiles, laptops are the forms of communication to be resorted to without disturbing the atmosphere around us and ensure that we continue with our work as is required with necessary inputs." NAM MKJ

Coronavirus: L&T pledges to protect livelihood of contract labour

New Delhi, Feb 28 () L&amp;T-built Offshore Patrol Vessel ICGS Varad has been commissioned into the Indian Coast Guard (ICG) on Friday, according to a regulatory filing. ICGS Varad was commissioned into the ICG by Minister of State for Shipping Mansukh Mandaviya at L&amp;T Kattupalli shipyard, near Chennai. ICGS Varad set a record in Indian shipbuilding industry by becoming the first major defence ship to clear all sea acceptance trials in a single sea sortie, Larsen &amp; Toubro (L&amp;T) said in a regulatory filing. The vessel is fifth in the series of seven offshore patrol vessels contracted by the Defence Ministry on the company in March 2015, it said. Commenting on the commissioning, S N Subrahmanyan, CEO &amp; MD, Larsen a Toubro, said: "I am delighted to note that ICGS Varad accomplished a rare feat of clearing all sea acceptance trials in a single sea sortie". SID DRRDRR

Offshore patrol vessel ICGS Varad commissioned: L&T

New Delhi, Feb 5 () Engineering major Larsen &amp; Toubro (L&amp;T) on Monday announced the commissioning of a hot strip mill having capacity of three million tonnes per annum at SAIL's Rourkela steel plant in Odisha. In a regulatory filing, Larsen &amp; Toubro said that its Metallurgical &amp; Material Handling (MMH) business and Mitsubishi Corporation has commissioned the hot strip mill at SAIL Rourkela on January 31, built with the technology from Primetals Technologies and Hitachi Japan. The new hot strip mill-2 at SAIL's Rourkela steel plant rolled out its first HR coil, within two days of commencement of hot trials, the filing said. The mill will roll out carbon structural steel, high carbon steel, LPG cylinder steel, low alloy steel, auto-grade steel among others to cater to high-end market segments. "With this remarkable achievement, we have once again proved our mettle to execute large scale EPC projects across metallurgical units," L&amp;T CEO and Managing Director S N Subrahmanyan said. The HR coils produced from this mill will give a huge boost to the market share of the steel PSU, the filing said. SID DRR

SAIL commissions hot strip mill at Rourkela steel plant

New Delhi, Mar 11 () IT firm Mindtree on Wednesday said that it has entered into a pact with US-based residential real estate services firm Realogy to support its ongoing digital transformation initiatives over the next five years. Through this partnership, Realogy Holdings Corp has expanded its relationship with Mindtree to leverage its digital, data, and technology expertise, the tech firm said in a filing to BSE. "Mindtree's commitment to Realogy has created a strong historical partnership. This is why it is exciting to expand and extend this relationship to more broadly leverage Mindtree's leadership, talent, experience, and best-in-class support for Realogy's products," Realogy's Chief Technology Officer Dave Gordon said. As directed by Realogy, Mindtree will introduce digitally enabled technologies in areas such as application development, managed services, infrastructure support, and testing services for Realogy. Further, Mindtree will leverage Digital Pumpkin, an interactive space where multidisciplinary teams can ideate and create meaningful digital business solutions to support business innovation ideas that will help drive significant operational and application cost savings. "With technology offerings being an increasingly important differentiator for real estate services companies, we are excited to assist Realogy in its next phase of platform development," Mindtree Vice Chairman S N Subrahmanyan said. The shares of Mindtree were trading at Rs 886.35 a piece on BSE, down 2.06 per cent from the previous close. SID ANSANS

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COVID-19: L&T to donate PPEs, N95 masks, other medical equipments

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L&T’s Q1 net profit jumps 46%; board approves ₹10,000 crore share buyback

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L&T plans to hire 1,100 engineers in 2021, offers already made to 250 IITians

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Coronavirus: L&T pledges to protect livelihood of contract labour

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Offshore patrol vessel ICGS Varad commissioned: L&T

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SAIL commissions hot strip mill at Rourkela steel plant

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Mindtree partners with Realogy to enhance digital transformation

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