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<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

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>After <keyword id="90593" type="COMPANY" weightage="20" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword>’s (L&amp;T) hostile takeover of Mindtree, the company’s leading executives have resigned and it’s taking a toll on the company’s growth trajectory. </li><li>Mindtree’s quarterly results show a 41% yearly dip in net profits and a 53% drop in quarterly net profits.</li><li>Macquarie has revised the rating on Mindtree’s stock to ‘underperform’ expecting earnings per share to drop by at least 21%.</li><li>All eyes are on AM Naik, the company’s newly appointed non-executive chairman, to turn things around.</li></ul>The dramatic takeover of India’s IT consulting firm, <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">Mindtree</a>, by Larsen and Toubro (L&amp;T) had its leading executives walking away and the company’s growth has taken a big hit. As the L&amp;T veteran and a marquee business leader in India, AM Naik, takes over as the non-executive Chairman of Mindtree, all eyes are on him to revive the firm’s fortunes. Last night, Mindtree reported a 41% dip in its year-on-year net profits from ₹158 crores last year to ₹93 crore this quarter. Its quarterly net profits showed an even larger drop of 53% from ₹198 crore last year. The share price of Mindtree was down nearly 5.5% at 10:20 am on Thursday. Mindtree’s revenue for the current quarter shows an 11% increase in comparison to last year’s first quarter from ₹1,640 crore to ₹1,834 crore. But quarter-to-quarter, the revenue growth is flat. Macquarie, an Australian financial services company, cut the rating on Mindtree’s stock to ‘Underperform’ estimating a drop of 21.6% to 24.8% in earnings per share largely due to executives leaving the company while the business slowed down amidst the takeover drama. Hostility and fear In March last year, L&amp;T — an infrastructure and construction company — instigated a <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">hostile takeover</a> of Mindtree by acquiring 20.4% stake in the company by buying shares from V.G. Siddhartha, the man behind the Cafe Coffee Day franchise in India. And, on June 27 this year, L&amp;T had 61% of the company’s controlling shares. This is reportedly the <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">first time</a> that a company has successfully completed a hostile takeover in India’s IT space. The IT firms’s chief executive officer (CEO), chairman and vice chairman had to file their resignations. Subroto Bagchi, Mindtree’s co-founder, is also set to retire at the end of the month and hasn’t asked to be reappointed to the company’s board. The stock of Mindtree has lost over a quarter of its value in the last three months as the drama played out. See also: <a href="https://www.businessinsider.in/lt-has-51-8-stake-in-mindtree-after-open-offer/articleshow/69960033.cms">L&amp;T takes over Mindtree in Indian IT’s first-ever hostile acquisition</a> <a href="https://www.businessinsider.in/lt-infotech-and-mindtree-will-remain-separate-and-the-open-offer-will-be-at-980/articleshow/68477363.cms">L&amp;T Infotech and Mindtree will remain separate and the open offer will be at ₹980</a> <a href="https://www.businessinsider.in/mindtree-takeover-battle-lt-deals-the-first-blow-buying-coffee-baron-vg-siddharthas-stake/articleshow/68475544.cms">Mindtree takeover battle: L&amp;T deals the first blow buying coffee baron VG Siddhartha's stake</a>

The exodus of Mindtree executives has dented earnings and now shareholders are running for the hills — over to AM Naik

Ever since PM <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> came into power, he has faced a continuous issue in the form of job creation, more so because he had promised to create one crore jobs prior to his victory. While the job industry was already marred by lack of private investment, demonetisation further played its role in complicating the issues, which have now been fuelled by widespread layoffs happening in the private sector. It began with Larsen &amp; Toubro, India's biggest engineering firm, firing 14,000 employees that formed 11.2% of its total workforce in November last year. It was then followed by startups, citing lack of money to give out salaries. After demonetisation, manufacturing and construction industry too started to layoff employees, followed by a massive number of layoffs by IT majors like Cognizant, Wipro, Infosys and Tech Mahindra. However, several key people in the government and private sectors are of the view that job losses isn’t a trend yet, terming it an exaggerated term for regular performance-related trimming. However, employees believe that their jobs are in danger, and so does the Jobs Disruption Survey conducted by <a href="http://economictimes.indiatimes.com/jobs/layoffs-scare-is-real-not-exaggerated-finds-ets-jobs-disruption-survey/articleshow/58927915.cms?from=mdr">ET Online</a> that surveyed around 11000 employees, majority of which showed fears about their jobs. Survey results match with the predictions of several experts and studies, that the future holds big layoffs going up to 50%, with little hope of things going upwards. Around 62% of respondents said that they think their job prospects would continue to shrink, because of slow private investment, demonetisation, and above all, emerging technology that can replace human workers. In the IT sector especially, increasing automation and cloud computing have resulted in several employees being left redundant. The <keyword id="4597079" type="UNKNOWN" weightage="100" keywordseo="ET-Jobs-Disruption-Survey">ET Jobs Disruption Survey</keyword> further reveals that acquiring new skills is the only way to save yourself from being replaced, a view shared by around 81% of respondents. While re-skilling might not help with bigger issues like protectionism or demonetisation, it can surely help in increasing one’s own capabilities, which would make an employer reconsider his decision to layoff an employee. (Image source Freeport News Network)

ET's Jobs Disruption survey finds scary reality of IT layoffs

In the last fiscal, government orders drove majority of <keyword id="81793" type="COMPANY" weightage="100" keywordseo="Capital-goods">capital goods</keyword> and engineering companies, and looks like the trend is going to stay for this fiscal as well. A look at the order pipeline, and one can only see the names of state-funded schemes amidst a few private sector projects here and there. Companies like <keyword id="45475" type="CITY" weightage="100" keywordseo="Larsen-Toubro">Larsen &amp; Toubro</keyword>, <keyword id="148522" type="CITY" weightage="100" keywordseo="ABB">ABB</keyword> and <a href="http://www.businessinsider.in/finance/Siemens-is-buying-a-software-company-under-pressure-from-activists-for-about-4-billion/articleshow/55415431.cms">Siemens</a> are looking at more government projects than ever, given that private sector is still unsure about investments. Also read: <a href="http://www.businessinsider.in/small-business/people/indias-manufacturing-sales-shrink-expect-more-layoffs/articleshow/57376642.cms">India's manufacturing sales shrink. Expect more layoffs India's manufacturing sales shrink. Expect more layoffs</a> "Order flows continue to be dominated by public sector capex, led by sectors like power transmission &amp; distribution, <a href="http://www.businessinsider.in/transportation/indian-railways-is-not-in-the-pink-of-health-turnaround-hits-buffers/articleshow/58411600.cms">railways</a>, metros and hydrocarbons," <keyword id="103838" type="CITY" weightage="100" keywordseo="HDFC-Securities">HDFC Securities</keyword> said in a pre-earnings report. "Orders from Power Grid grew 112% year-on-year to Rs 8,020 crore in Q4 FY17. Power generation orders continued to be muted, with no major orders announced by <keyword id="6354446" type="CITY" weightage="100" keywordseo="BHEL">BHEL</keyword>." The worth of order inflows by major capital goods companies, excluding <a href="http://www.businessinsider.in/lt-played-a-crucial-role-in-isros-record-104-satellites-launch-heres-how/articleshow/57189874.cms">L&amp;T</a>, declined one fifth to stand at Rs 16,500 crore in the fourth quarter from a year earlier, says Elara Capital. Amongst these orders, a large number were from railways, transmission &amp; distribution, renewables &amp; water treatment. Also read: <a href="http://www.businessinsider.in/careers/Worrisome-IITs-receive-lukewarm-response-from-PSUs-during-placements/articleshow/55432791.cms">Worrisome? IITs receive lukewarm response from PSUs during placements</a> "We expect that domestic capital goods sector would continue to be impacted primarily due to slower execution, lower order inflow and poor financial health of the power distribution companies. We believe announcement of Uday scheme for discoms is positive, which is likely to result in better cash flows and new investments in state T&amp;D networks and independent power producers," <keyword id="197560" type="COMPANY" weightage="100" keywordseo="Reliance-Securities">Reliance Securities</keyword> said. The Uday scheme has been announced to revive state-owned power distribution companies that are ridden with debts. (Image source LiveMint)

Government orders might continue saving capital goods companies

<ul><li>R Shankar Raman, the CFO of the company said that they will vie to achieve 15% growth in revenues for FY23 as guided at the start of the year.</li><li>L&amp;T, which gets around 80% of its orders from the government, hopes that private sector capex will pick up this year.</li><li>It expects to complete the sale of eight road projects in its portfolio by the end of March.</li></ul>Infrastructure major Larsen and Toubro today reported a 45% growth in net profit to ₹1,702 crore in the first quarter of 2022-23 from ₹1,174 crore in the comparable quarter last year – in spite of it being a seasonally weak quarter. Its revenues too moved up by 22%, however, the company is not revising its revenue forecast for the year from 12-15% given earlier. “We are relieved,” said R Shankar Raman, the CFO of the company in an earnings concall on the first quarter performance, and also assured that they will try to shoot for the upper end of the band they guided, but refuse to go any further due to domestic and international events. “There could be monkeypox or any other Black Swan incident and we do not know what shape it will come in. There are too many moving pieces to be able to predict but if the commodity prices remain soft some of the effects of the macroeconomic situation might be reversed,” said Raman. As much as 37% of L&amp;T’s revenues came from international markets, however, they said they have hedged to the extent of 70% on their receivables. “We are hedged to the extent of 70% but I would like to believe that the rupee will be in a depreciating mode rather than appreciating. The markets that we export to may see some impact,” Raman said. The company did face execution headwinds during the quarter especially with its international orders like supply chain issues, procurement rescheduling due to high commodity costs, higher ancillary costs like power, freight, fuel and more. Its international business constitutes 37% of its total revenues. The company’s overall margins for the quarter stood at 18%, while its order inflows went up by 57% to ₹41,805 crore. While almost 80% of L&amp;T’s domestic orders are from the government, it expects private sector orders to pick up. These orders are expected to come from healthcare, data centers, e-commerce logistics and warehousing and even airport projects. “Depending on who throws their hat into the ring, L&amp;T might offer its engineering, procurement and construction capabilities,” said Raman. L&amp;T has been keen on exiting the infrastructure projects it owns. It expects to complete the sale of eight road projects in its portfolio by the end of March, the company said in the earnings concall. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenues </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35,853 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹29,334 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,702 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,174 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rapido-ceo-unicorn-india-invest-in-windo-that-is-helping-small-businesses-take-their-business-online/articleshow/93139058.cms">Rapido CEO, Unicorn India Ventures invest in social commerce startup Windo</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/unclaimed-deposits-after-10-years-will-be-transferred-to-education-and-awareness-fund-as-per-rbi/articleshow/93137699.cms">RBI wants depositors to act on unclaimed deposits</a>

I'd like to believe Rupee will be in a depreciating mode rather than appreciating, says L&T CFO

When farmers were protesting across India against the NDA government’s land acquisition bill, over 30, 000 farmers in Uttar Pradesh willingly gave their fertile lands to the <keyword id="927064" type="ORGANIZATION" weightage="80" keywordseo="Samajwadi-Party-led-government">Samajwadi Party-led government</keyword> to build its six-lane Agra-Lucknow expressway project. The government's flagship 302-km expressway greenfield project is the longest in the country till date. 

	The state government has acquired nearly 3,000 hectares of fertile, multi-cropped land for its greenfield expressway project without a murmur of dissent. At least 30,074 farmers in that state gave up fertile tracts of the Indo-Gangetic plain in record time. 
	 

	But the question arises, how did this acquisition for the Rs 15,000 crore project happen so quickly? When asked about the same, Uttar Pradesh Chief Minister <keyword id="6355031" type="PERSON" weightage="80" keywordseo="Akhilesh-Yadav">Akhilesh Yadav</keyword> told TOI that by keeping farmers happy. When <keyword id="93127" type="ORGANIZATION" weightage="80" keywordseo="UP-Expressway-Industrial-Development-Authority">UP Expressway Industrial Development Authority</keyword> (UPEIDA), the nodal agency for implementing the project, set out to acquire land for the developers of the expressway project, it decided to avoid the contentious "acquisition" process almost entirely. "Instead of acquiring land as is usually done, it was decided to purchase land from farmers through a mutual agreement. 
	 

	To make the transaction more lucrative, land owners were offered four times the circle rates (CR) in rural areas, and twice the CR in urban parts, as purchase cost. Acquisition was only considered in cases where mutual agreement failed," said Navneet Sehgal, chief executive, UPEIDA. To build it by October 2016, as the chief minister has promised to do, the <keyword id="95895" type="ORGANIZATION" weightage="80" keywordseo="UP-government">UP government</keyword> needs a total of 3,368.60 hectares of land cutting across 232 revenue villages from Agra to Lucknow, and passing through the districts of Mainpuri, Etawah, Kannauj, Auraiyya and Unnao. In the 270 days between June 2014 and January this year, UPEIDA completed about 27,000 registries at the rate of about 10 a day, arguably the fastest yet, government-run expressway project of this magnitude. To achieve this, UPEIDA paid, till May 15, 2015, Rs 2,844.55 crore to make an outright purchase of 2,824.16 hectares of land from individual land owners, and 303.29 hectares from government departments, almost 93% of the total land it needed. Assistant CEO UPEIDA, <keyword id="361651" type="PERSON" weightage="80" keywordseo="Ashutosh-Dubey">Ashutosh Dubey</keyword> said, "The government set up rate fixation committees under the chairmanship of the <keyword id="6381069" type="POSITION" weightage="60" keywordseo="District-magistrate">district magistrate</keyword> to arrive at a mutually agreeable rate. After the approval of the CEO, land owners were given four times, or twice the CR depending on the location of their land. 
	 Apart from their land holdings, owners were also compensated for permanent structures built on their land, and for unharvested crops." When TOI contacted land owners who gave up their land through a mutual agreement with the state government, reactions were mixed. In Unnao, which falls under segment 5 of the expressway project and is being developed by <keyword id="689816" type="COMPANY" weightage="80" keywordseo="Larsen-Toubro-Limited">Larsen &amp; Toubro Limited</keyword>, Jagdamba Singh, a resident of Matariya village, confirmed he had received four times the circle rate. 
	 

	"My village was on the Unnao-Lucknow border, but on the Unnao side. My compensation, as a result, was paid according to the prevailing DM circle rates in Unnao. The neighbouring village that falls in Lucknow, however, received a higher compensation. So even though I got four times, I felt cheated," Singh said. In Etawah's Takha tehsil, Bakridan begum walked away with a compensation of Rs 8.91 lakh for selling 2.5 bighas of land held in her name. Her son, <keyword id="3718452" type="PERSON" weightage="80" keywordseo="Naseem-Khan">Naseem Khan</keyword> told TOI, "We used about Rs 98,000 for a wedding in the family. We are also in advanced stages of talks over the purchase of additional agriculture land with the compensation money we received." In both cases, Singh and Khan said their families will remain invested in farming and did not plan to use the surplus funds to diversify their businesses. 
	 

	Not all land holders, however, were agreeable to selling their land to the government. In such cases, UP opted for the land acquisition process as prescribed under the Land Acquisition, Rehabilitation and Resettlement Act of 2013, and acquired 160.28 hectares of land. Here, while the rate of compensation remained the same, beneficiaries were offered an extra payment at an interest rate prescribed within the state's rules.

	The benefits of the dual model-acquisition plus purchase were many. "This model allowed UP to facilitate land transfer to developers in record time, Dubey said. Since the state's pur chase-acquisition process started in June last year, UPEIDA now has a land pool of 3,287.73 hectares of the 3,368.60 hectares it needed; that's 97.6% of the land it needed, organized in less than one year. 
	 

	The success of the Agra-Lucknow "expressway" model of acquiring land through mutual agreements and through the acquisition route has now been extended to other construction projects as well. "It is a smoother, faster process. More significantly, though, farmers and land holders get a much better deal for their land than they would if we went the acquisition way. That would have been also much more time-consuming,” Dubey added.

	 
	(Image: Indiatimes)

Know how land was acquired for Agra-Lucknow expressway

Udipi Vasudeva Rao popularly known as UV Rao, the former managing director and CEO of engineering giant <keyword id="2701220" type="UNKNOWN" weightage="20" keywordseo="Larsen-and-Toubro-Limited">Larsen and Toubro Limited</keyword>, has passed away. Prior to his death, he was serving as the independent director on the Board of <keyword id="616953" type="ORGANIZATION" weightage="20" keywordseo="Kirloskar-Brothers-Limited">Kirloskar Brothers Limited</keyword>. 
	 
	“We regret to inform you that UV Rao, an Independent Director of our company has passed away on Saturday, January 24, 2015. He was 85 years old. As a result, he has ceased to be a Director of the company with effect from January 24, 2015,” the company said in its statement. 
	 
	Previously, Rao has served as the president of Indian Electrical and Electronic Manufacturers Association, the apex body for industrial and electrical goods manufacturers. He was also the honorary counsel general for Denmark for Western India as well as the former chairman of Indo-Danish Business Committee. 
	 
	Rao was also a part of the Capital Goods Committee of the Planning Commission. Apart from this, he was also on the Boards of TIL Limited, John Fowler India Private Limited, Dickinson Fowler Private Limited. 
	 
	Image Credit: Official Website of Kirloskar Brothers

Former
L&T CEO UV Rao Passes Away

<keyword id="6361649" type="CITY" weightage="40" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> has upgraded India to 'overweight' and has put an aggressive target of 7,600 for the <keyword id="6354813" type="COMPANY" weightage="40" keywordseo="nifty">Nifty</keyword> in the next 12 months, which implies 17% upside from current levels. 
 
Citing the reasons for the same, the global investment bank said in a report: "The cyclical macro adjustments in India have reduced external vulnerability. We now expect domestic fundamentals to improve as growth recovers in 2Q. Corporate earnings downgrades seem to have bottomed out, with more signs of improvement in the investment cycle. Headline valuations have recently expanded but cyclical sectors remain inexpensive compared to history and are relatively under-owned." 
 The Indian <keyword id="35199" type="UNKNOWN" weightage="40" keywordseo="stock-markets">stock markets</keyword> today extended gains and hit fresh all-time high as inflows continued on the back of positive cues from global markets. The benchmark <keyword id="6484188" type="CITY" weightage="40" keywordseo="Sensex">Sensex</keyword> was trading above 22,000. 
 
Banks, auto oil &amp; gas and realty sectors were the top sectoral performers in intraday trade. 
 
Goldman said the upcoming parliamentary elections in April could have an impact on reforms progress. 
 
"History suggests equities in India trade well leading up to elections, partly supported by favorable flows, but with higher volatility. Our analysis of past election moves, valuation and flows suggests India may have more room for a pre-election rally." 
 
"We roll our NIFTY 12-month target to 7600, which implies 17% upside from current levels. We expect mid-teens earnings growth this year and next. We favor cyclicals over defensive sectors and highlight potential election beneficiaries," the report said. 
 
Goldman cited the following as key risks to India: 
1) Any renewed concerns on EM (although both look better placed than other EM deficit countries). 2) An indecisive result in elections that could exacerbate uncertainty and trigger outflows. 3) A faltering recovery 
 Goldman has identified ONGC, Coal India, <keyword id="45179" type="CITY" weightage="40" keywordseo="NTPC">NTPC</keyword> and <keyword id="44555" type="CITY" weightage="40" keywordseo="BPCL">BPCL</keyword> as public sector companies that could be key election beneficiaries. 
 Among private sector, <keyword id="6653" type="CITY" weightage="40" keywordseo="ICICI-bank">ICICI Bank</keyword>, <keyword id="90593" type="COMPANY" weightage="40" keywordseo="Larsen-and-Toubro">Larsen and Toubro</keyword>, UltraTech Cement, <keyword id="45609" type="CITY" weightage="40" keywordseo="JSW-Steel">JSW Steel</keyword>, <keyword id="46717" type="CITY" weightage="40" keywordseo="IndusInd-Bank">Indusind Bank</keyword> and Voltas are seen gaining, the report said.

Goldman Upgrades India To 'Overweight', Sees Nifty At 7,600 In A Year

New Delhi, Jan 23 () Shares of Larsen &amp; Toubro on Thursday jumped over 3 per cent, a day after the engineering major posted a 15 per cent rise in consolidated net profit for the December 2019 quarter.
 On the BSE, the stock touched a high of Rs 1,339.50, up 3.49 per cent over its previous close.
 On the NSE, the scrip rose 3.52 per cent to trade at Rs 1,339.85.
 The company on Wednesday reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019, helped by higher revenues from international contracts.
 The company had posted a consolidated profit after tax of Rs 2,218.68 crore in the same period a year ago.
 Its consolidated total income during October-December increased to Rs 36,717.60 crore, against Rs 34,823.08 crore in Q3 FY19. RUJ ANS
ANS

L&T shares gain over 3 pc on Q3 results

New Delhi, Jan 23 () Shares of Larsen &amp; Toubro on Thursday jumped nearly 3 per cent, a day after the engineering major posted a 15 per cent rise in consolidated net profit for December 2019 quarter.
 Intra-day, the stock touched a high of Rs 1,339.50, up 3.49 per cent on the BSE. Later, it gave up some early gains to close 2.98 per cent higher at Rs 1,332.80.
 On the NSE, the scrip rose 3.52 per cent to hit a high of Rs 1,339.85 during the day. It settled with a gain of 2.80 per cent at Rs 1,330.45.
 In terms of volume, 7.41 lakh shares were traded on the BSE, while over 1 crore shares changed hands on the NSE.
 On the BSE, the spurt in volume was more than 9.07 times during the day.
 The company on Wednesday reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for quarter to December 2019, helped by higher revenues from international contracts.
 It had posted a consolidated profit after tax of Rs 2,218.68 crore in the same period a year ago.
 Its total income during October-December increased to Rs 36,717.60 crore as against Rs 34,823.08 crore in Q3 FY19. RUJ
RVK

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