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<ul class="summary-list"><li>New-home construction starts dropped in July to the lowest level since 2020, new data shows.</li><li>Developers are dialing back as homebuyers stay reluctant due to high prices and mortgage rates.</li></ul>US construction of new homes dropped to a four-year low last month as would-be homebuyers remain put off by the market's high prices and persistently elevated mortgage rates.According to <a target="_blank" href="https://www.census.gov/construction/nrc/current/index.html">Commerce Department</a> data, total housing starts fell 6.8% month-to-month in July, slipping to a 1.23 million annualized rate. That marks the lowest level since April 2020, when pandemic factors pushed the rate down to 938,000.Although the post-COVID era saw construction momentum surge, high-mortgage-rate pressure and buyer uncertainty have stalled new home projects. Those looking to purchase a property have often found themselves priced out, with low inventory driving prices to unaffordable levels.In June, home prices hit a fresh all-time high of $442,525, Redfin reported, creating the highest-ever record share of homes <a target="_blank" href="https://www.redfin.com/news/million-dollar-homes-increasing/">valued at over $1 million</a>.With demand turning lackluster, continued construction has actually boosted supply to its <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-06-26/highest-inventory-of-new-us-homes-since-2008-threatens-building">highest level since 2008</a>. The Commerce Department found that completed single-family homes jumped to a three-month high.But with fewer consumers willing to take up the added inventory, builders seem to be dialing back on new construction.Faced with this, <a target="_blank" href="https://www.nahb.org/news-and-economics/press-releases/2024/08/builder-confidence-moves-lower-as-market-waits-for-rate-cuts">builder confidence</a> in the new-home market fell for the fourth consecutive month, according to an index tracked by the National Association of Home Builders and Wells Fargo. Confidence is at the lowest level since December of last year.The same index found that 33% of builders cut home prices in August to spur sales, marking the highest share in 2024. The use of price incentives also grew to 64%.Buyers appear hesitant to enter the market amid current mortgage rate levels, and many are likely holding off until these borrowing costs ease. Last week, the 30-year fixed mortgage rate stood at 6.49%, <a target="_blank" href="https://www.freddiemac.com/pmms">Freddie Mac</a> data showed."With current inflation data pointing to interest rate cuts from the Federal Reserve and mortgage rates down markedly in the second week of August, buyer interest and builder sentiment should improve in the months ahead," NAHB Chief Economist Robert Dietz said in the report.But recently, "Shark Tank" investor Barbara Corcoran <a target="_blank" href="https://www.businessinsider.com/housing-prices-market-outlook-us-mortgage-rates-drop-barbara-corcoran-2024-8">warned against trying to time the market</a>, cautioning that buyers who wait for lower mortgage rates will instead face tremendous competition that will bolster prices beyond what they are now.In her view, homes could appreciate as much as 10% once mortgage rates hit 6%.

New-home construction hits a COVID-era low as high prices scare away buyers

New Delhi: After a wave of initial public offerings (IPOs) in recent weeks, the primary market will experience a brief slowdown, with only two new public issues scheduled for the next week, aiming to raise Rs 365 crore. There were 12 IPOs in the mainboard segment and 40 in the SME (small and medium enterprise) segment in September. IPOs scheduled for next week, beginning October 7, are <keyword id="22922418" type="General" weightage="20" keywordseo="Garuda-Construction" source="keywords">Garuda Construction</keyword> and Engineering on the main board and <keyword id="23436926" type="General" weightage="20" keywordseo="Shiv-Texchem" source="keywords" meta.keywordsubtype="org" meta.entityname="Shiv Texchem" meta.hostid="153" meta.entityid="Shiv Texchem">Shiv Texchem</keyword> on the SME segment. Garuda Construction is seeking to raise Rs 264 crore, and Shiv Texchem is aiming for over Rs 101 crore through their respective IPOs available for public subscription during October 8-10. The stock market has seen a significant correction in the <keyword id="19911354" type="General" weightage="20" keywordseo="equity-market" source="keywords">equity market</keyword> since the start of October amid intensifying conflict between Israel and Iran. Despite the temporary slowdown, overall, the outlook for the <keyword id="19926041" type="General" weightage="100" keywordseo="IPO-market" source="keywords">IPO market</keyword> is promising, with 26 firms proposing to raise Rs 72,000 crore presently holding Sebi's approval while another 55 companies looking to garner about Rs 89,000 crore are awaiting the regulator's clearance, according to the Primedatabase. This month will see <keyword id="19908548" type="General" weightage="20" keywordseo="Hyundai-Motor-India" source="keywords">Hyundai Motor India</keyword> Ltd, the Indian arm of South Korean automaker Hyundai, hitting the primary market to raise around Rs 25,000 crore. The company's IPO is likely to be launched on October 14, according to sources. If the offering proceeds as planned, it will surpass Life Insurance Corporation's (LIC) public offering of Rs 21,000 crore, becoming the largest IPO in India's history. Moreover, 63 companies have already mobilised around Rs 64,000 crore via mainboard, marking a 29 per cent increase from Rs 49,436 crore collected by 57 firms through the route in 2023. The strong momentum in IPO markets is being driven by several key macroeconomic, sector-specific factors and the willingness of funds to look at new ideas. In particular, strong inflows into domestic mutual funds and robust capital formation across corporate India are playing key roles, experts said. Garuda Construction and Engineering's IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The price band has been fixed at Rs 92 to Rs 95 per share. About Rs 100 crore from its fresh issuance proceeds will be utilised for working capital requirements and the balance towards general corporate purposes, including unidentified inorganic acquisitions. Shiv Texchem's IPO is a completely new offering of over 61 lakh shares and is a book-built issue of Rs 101.35 crore. It has set a price band of Rs 158 to Rs 166 per equity share for the IPO. Further, the SME IPO of Khyati Global Ventures, which opened for public subscription on October 4, will close on October 8. Additionally, six companies from the SME segment are set to list in the coming week. HVAX Technologies and Saj Hotels will debut on October 7, followed by Subam Papers and Paramount Dye Tec on October 8. NeoPolitan Pizza and Foods will begin trading on October 9, with Khyati Global Ventures to follow on October 11.

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

Enviro Infra Engineers, which is involved in the development of turnkey projects of <keyword id="19979438" type="General" weightage="20" keywordseo="sewage-treatment-plants" source="keywords">sewage treatment plants</keyword> and sewerage systems, on Monday fixed a price band of ₹140-148 per share for its ₹650 crore <keyword id="19913114" type="General" weightage="20" keywordseo="Initial-Public-Offering" source="keywords">Initial Public Offering</keyword> (IPO). The initial share sale will open for public subscription on November 22 and conclude on November 26. The bidding for anchor investors will open for a day on November 21, the company announced. The city-based company's proposed IPO is a combination of a fresh issue of 3.87 crore equity shares and an Offer For Sale (OFS) component of 52.68 lakh shares by promoters. Currently, promoters hold over 93 per cent stake in Enviro Infra Engineers. At the higher end of the price band, the IPO is valued at ₹650 crore, placing the company's market capitalization at approximately ₹2,600 crore. Proceeds from the fresh issue to the tune of ₹181 crore will be used to meet the working capital requirements, ₹100 crore will be used for payment of debt, ₹30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes. Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies. The treatment process installed by the company at most of the STPs is zero liquid discharge-compliant and the treated water can be used for horticulture, washing, refrigeration, and other process industries. Hem Securities is the sole book-running lead manager of the public issue. The equity shares of the company are expected to be listed on the BSE and NSE on November 29. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank">Kawasaki Ninja ZX-4RR launched in India priced at ₹9.42 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

Enviro Infra Engineers IPO to open on Nov 22; eyes ₹650 crore

<ul class="summary-list"><li>The construction industry is facing a labor shortage of about 500,000 workers this year.</li><li>The worker shortage is pushing up housing costs amid a national housing shortage. </li></ul>When the pandemic hit the US in the spring of 2020, <a target="_blank" href="https://www.businessinsider.com/housing-market-recovery-mortgage-rates-outlook-inventory-construction-demand-nahb-2024-1">construction</a> projects of all kinds froze and workers were <a target="_blank" href="https://www.cpwr.com/wp-content/uploads/DataBulletin-July2020.pdf">laid off in huge numbers</a>. But as remote work took hold and many sought larger homes, demand for new residential construction quickly picked up and workers were back on the job.That momentum has kept up. Over the last four years, the industry has seen a surge in demand for labor amid <a target="_blank" href="https://www.jchs.harvard.edu/blog/estimating-national-housing-shortfall">a nationwide shortage of housing</a> and a surge in new government funding for <a target="_blank" href="https://www.businessinsider.com/biden-laws-us-infrastructure-invest-funding-2024-3">major infrastructure projects</a>. This year, the construction industry is short about 500,000 workers — and that's "on top of the normal pace of hiring," <a target="_blank" href="https://www.abc.org/News-Media/News-Releases/abc-2024-construction-workforce-shortage-tops-half-a-million">according to</a> a January 2024 news release from the trade group Associated Builders and Contractors. The worker shortage is now the biggest issue builders are facing, experts say."Contractors do tell me that finding workers is their number one problem," Ken Simonson, chief economist at the Associated General Contractors of America, told Business Insider.While the rising cost of housing is in large part a result of <a target="_blank" href="https://www.aeaweb.org/articles?id=10.1257/jep.32.1.3">restrictive zoning laws and building regulations</a>, the construction worker shortage is also pushing up home costs. Fewer construction workers means less — and slower — residential construction, which in turn leads to higher home prices, <a target="_blank" href="https://www.haas.berkeley.edu/wp-content/uploads/Howard_Wang_Zhang_Housing-Supply-and-Construction-Labor-Dayin-Zhang.pdf?ref=thebuildersdaily.com#:~:text=We%20show%20that%20negative%20shocks,2019%2C%20Freddie%20Mac%202017).">according to a 2023 report</a> from researchers at the University of Utah and the University of Wisconsin-Madison."It boils down to that age-old supply and demand in the sense of if there are fewer workers to work on the projects, that's going to elongate the project, the completion, that's going to increase the cost of the project itself," Kit Dickinson, an industry executive at ADP — a human capital management solutions provider — told Business Insider. "Conversely, that creates a great demand for these workers, which can command a higher wage."Builders and infrastructure projects are in desperate need of all kinds of construction workers, but especially skilled tradespeople. Dickinson said there aren't enough plumbers, pipefitters, or people in other trades to meet growing demand.Demand for workers is only expected to rise with the construction of major infrastructure and clean energy projects — in part funded by big federal packages, including the <a target="_blank" href="https://www.businessinsider.com/whats-in-the-infrastructure-bill-amtrak-clean-energy-2021-7">Infrastructure Investment and Jobs Act of 2021</a>, the <a target="_blank" href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">Inflation Reduction Act of 2022</a>, and the <a target="_blank" href="https://www.businessinsider.com/chips-act-bill-to-boost-us-chipmaking-competition-with-china-2022-7">CHIPS and Science Act of 2022</a>. Ben Brubeck, vice president of regulatory, labor and state affairs at Associated Builders and Contractors, said the US will see an uptick in demand for skilled tradespeople for these "mega" projects, "not only in their initial construction but also in their operation and maintenance," he added.<h2>Growing the workforce</h2>Both short- and long-term solutions to the worker shortage are key."I think the construction industry has long been saying our workforce is rapidly retiring, and it needs to be replenished," Maja Rosenquist, senior vice president of builder and development company Mortenson, told Business Insider. "We need to be as inclusive as possible to make sure that we've got the right workforce in the future."Simonson said that allowing more <a target="_blank" href="https://www.businessinsider.com/typical-immigrant-united-states-jobs-construction-food-services-florida-california-2024-4">immigrants</a> into the country <a target="_blank" href="https://www.cnn.com/2024/03/21/business/construction-industry-needs-immigrant-workers/index.html">to fill construction jobs</a> is crucial. But the US also needs to create a stronger pipeline of young people interested in pursuing construction as a career, he said. This will require more funding from the federal government, he said, but also more local support."It really also comes down to state and local school district policies and individual guidance counselors, teachers and parents to get the message to kids that there are lucrative, rewarding — both financially and in satisfaction — careers in construction," Simonson said.Brubeck said his organization is trying to promote the trades as a path into the middle class, and potentially to owning a business, as many tradespeople ultimately run their own operations. "We think it's sort of the best-kept secret, the fact that you can earn while you learn. You don't get in this college debt cycle," he said. "And you've got a job ready for you basically right away."The increasing use of technology in construction could also be a draw for younger generations."There's a stronger technology element that people might not be initially aware of and come to understand that construction is a very high-tech industry," Dickinson said, noting the use of technology from the work site to the construction office.That even includes usage of AI, "to help with planning and bidding on future projects, as well as executing projects," Dickinson said.Highlighting the diverse work opportunities in construction could also be helpful for employers and builders looking to increase employment.Rosenquist said it's an "amazing industry in terms of you can pretty much do anything you want to in this industry.""But I think the general population when they think about, oh, my kids going into construction just has this vision of a hard hat and holding a sign," Rosenquist said.President Joe Biden is <a target="_blank" href="https://apnews.com/article/joe-biden-union-endorsement-651dd9dd2eb8e16ab898366e9501dc4e">relying on union support</a> in his re-election campaign and is widely viewed as the <a target="_blank" href="https://www.newyorker.com/news/daily-comment/biden-is-the-most-pro-labor-president-since-fdr-will-it-matter-in-november">most pro-union president</a> since Franklin D. Roosevelt."These are relatively good jobs, especially if they're jobs with unions," Heather Boushey, a member of the president's Council of Economic Advisers and chief economist for Investing in America, told Business Insider in 2023 about construction jobs. "If they're represented by a union, people can know that their safety issues are being focused on by the union and the like."Some experts say the federal government is overly concerned with prioritizing union labor, which makes up a small fraction of the broader construction workforce. By <a target="_blank" href="https://www.whitehouse.gov/omb/briefing-room/2023/12/18/fact-sheet-biden-harris-administration-announces-action-to-support-economic-and-efficient-construction-projects-while-creating-good-paying-and-union-jobs/">requiring union workers</a> for most large federal government-funded projects, "the Biden administration is actually exacerbating the skilled labor shortage that we have because there just isn't enough union labor to do this work," Brubeck said.<h2>Making the industry more appealing to women</h2>Boushey pointed out that the share of women in the overall construction industry has climbed. Experts find attracting more women needs to be a priority in construction.To do so, that would include more accommodations, which Dickinson said "whether it's nursing stations at the job site or daycare, to making the equipment more tailored to different genders and body types as opposed to a one-size-fits-all."Rosenquist said that she's encouraged by the future of prefabricated construction, which could be more attractive to women."Maybe they're going to the same manufacturing facility every single day for five years versus being on a job site where they're changing locations every five months," Rosenquist said.But the construction industry has lost some of its edge as compensation in other industries, including restaurants and hospitality, <a target="_blank" href="https://stateline.org/2024/01/09/hospitality-workers-wages-are-rising-faster-than-high-earners-in-most-states/">has risen</a>, and remote and hybrid jobs offer cushier, more flexible alternatives, Simonson said. The construction industry is also at a disadvantage because most workers can't do manual labor until they retire."I worry that construction is going to keep losing out on workers or have to raise pay even more than the 5% increase that we've seen for the last three years," he said.What is it like working a construction job or dealing with a construction worker shortage in the US? Reach out to these reporters to share at <a target="_blank" href="mailto:mhoff@businessinsider.com">mhoff@businessinsider.com</a> and <a target="_blank" href="mailto:erelman@businessinsider.com">erelman@businessinsider.com</a>.

A national shortage of construction workers is driving high home prices. The industry is struggling to fill the gap.

<ul class="summary-list"><li><keyword id="22159313" type="General" weightage="20" keywordseo="Mississippi-County" source="keywords">Mississippi County</keyword> offers up to $50,000 for new home builds or renovations to attract residents.</li><li>The Work Here, Live Here program aims to boost the local economy and grow the population.</li></ul>Mississippi County, Arkansas wants to help residents build their <a target="_blank" href="https://www.businessinsider.com/buying-a-home-new-construction-shortage-supply-mortgage-rates-housing-2024-6">dream home</a>, as long as they agree to live in the area for at least four years. To accomplish this goal, it's offering up to $50,000 per household for a new home. The program — called Work Here, Live Here — is the county's effort to <a target="_blank" href="https://www.businessinsider.com/cities-that-pay-people-cash-money-to-move-there-2024-6">boost the local economy and grow the population</a>, which is just under 40,000 people, per the <a target="_blank" href="https://datacommons.org/place/geoId/05093?utm_medium=explore&amp;mprop=count&amp;popt=Person&amp;hl=en">2022 Census</a>. A two-and-a-half hour drive from Little Rock, the county borders Tennessee and includes cities like Blytheville and Osceola. Work Here, Live Here is organized and partially-funded through a group ofMississippi County industries, community groups, and financial institutions like Farmers Bank &amp; Trust. It first started providing resident and mover incentives in the fall of 2022. The county is one of the nation's<a target="_blank" href="https://markets.businessinsider.com/news/x"> top steel-producing areas</a>, President and CEO of Farmers Bank &amp; Trust Randy Scott told Business Insider. And, the incentive program is only available to employees of specific companies, like steel producers River Steel, US Steel, and Atlas Tube. Eight companies have partnered with Work Here, Live Here so far, and Scott expects more to join this month. "We want homeowners that are gonna stay here," Scott said. Mississippi County's incentive program is part of a recent wave of efforts across <keyword id="22159319" type="General" weightage="20" keywordseo="rural-America" source="keywords">rural America</keyword> to increase populations and local businesses. Areas like <a target="_blank" href="https://www.businessinsider.com/get-paid-move-work-remotely-cash-stipend-internet-kansas-2024-5">Lincoln County, Kansas</a>, <a target="_blank" href="https://www.businessinsider.com/left-washington-dc-moved-to-tulsa-remote-program-live-alone-2023-11">Tulsa, Oklahoma</a>, and Columbus, Georgia are paying people to move there, offering perks like discounted gym memberships, internet credits, tax breaks, and up to $10,000 in cash to new residents. Mover incentive programs have become especially popular in the aftermath of the pandemic, as <a target="_blank" href="https://www.businessinsider.com/dream-job-in-office-work-full-time-flexibility-benefits-2024-3">more jobs are remote or location flexible</a>. And, as the cost of living continues to rise in US cities — <a target="_blank" href="https://www.businessinsider.com/how-much-food-healthcare-housing-cost-most-expensive-us-cities-2024-2">especially on the coasts</a> — more prospective homebuyers are being priced out. Some are turning to these smaller cities and counties<a target="_blank" href="https://www.businessinsider.com/midwest-movers-gen-z-millennials-renters-single-california-texas-2024-2"> in the Midwest or South</a>. For Mississippi County, this growing housing demand has provided an opportunity to build their towns and cities. "They're going to be here for generations to come," Scott said. "They're your future registered voters, future school board members, future enrollments in the schools." <h2>With <keyword id="22159315" type="General" weightage="20" keywordseo="housing-incentives" source="keywords">housing incentives</keyword>, Mississippi County hopes to see population growth</h2>In the 20 months since Work Here, Live Here launched, the program has drawn 80 new homeowners to Mississippi County. And, according to Scott, the majority of them are <a target="_blank" href="https://www.businessinsider.com/house-affordability-crisis-13-young-americans-rely-family-down-payments-2024-3">first-generation homebuyers</a>, young people, and young families. The housing incentive program offers a 10% forgivable loan on a new <keyword id="22159321" type="General" weightage="20" keywordseo="home-construction" source="keywords">home construction</keyword> with a maximum home cost of $500,000, meaning some families can receive up to a $50,000 housing credit. Existing homes can receive a forgivable loan of up to 5%. Per data provided to BI fromWork Here, Live Here, the program has already led to the construction of 28 homes and 52 existing homes. The average price of homes purchased is $270,253 and the average benefit received is $28,767. "We will have an individual that gets the incentive," Scott said. "And within a week, everyone that works on his shift with him is calling us saying 'hey, how can I participate as well?"' Work Here, Live Here was initially focused on keeping residents who already lived in Mississippi County, but it has also attracted homebuyers from out of state, Scott said. Participants have come from Missouri, Alabama, Mississippi, Wisconsin, Michigan, Colorado, and Ohio. As more families move to or settle in Mississippi County, Scott expects it will have a positive effect on businesses, the school system, and public spaces. Now, he and other northeast Arkansas leaders want to get the word out. "Once we start having population increase — and there's no reason why we shouldn't with other jobs we have created — the quality of life will follow," Scott said. "You'll get the restaurants, you'll get the retail shops, you'll get the amenities." Have you been paid to move? Are you open to sharing your pros and cons of moving to a new city? If so, reach out to this reporter at <a target="_blank" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>. Correction: June 21, 2024 — An earlier version of this story incorrectly stated the incentives for Work Here, Live Here. The program provides funds for the purchase of a home, not home renovations.

An Arkansas county doesn't want families to move. It's offering them up to $50,000 to buy a new home.

<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.

You Searched For "lt construction share price" and got 6 results

New-home construction hits a COVID-era low as high prices scare away buyers

Filip De Mott

IPO market braces for brief slowdown, 2 new issues targeting Rs 365 crore next week

PTI

Enviro Infra Engineers IPO to open on Nov 22; eyes ₹650 crore

PTI

A national shortage of construction workers is driving high home prices. The industry is struggling to fill the gap.

Eliza Relman,Madison Hoff

An Arkansas county doesn't want families to move. It's offering them up to $50,000 to buy a new home.

Allie Kelly

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

Katya Naidu

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