L&T to sell second tranche of Satyam stake by Fri: Sources

Larsen & Toubro plans to sell second tranche of Satyam stake this week, sources told CNBC-TV18's Nimesh Shah. The company holds 4.58% stake in Mahindra Satyam. The stake is valued at around Rs 614 crore.

In November, it had sold 2.32% stake, or 2.72 crore shares, in Mahindra Satyam at Rs 112.50 per share.

At 2:49 pm, the share was quoting at Rs 1,652, down Rs 2.85, or 0.17% with volumes of 128,967 shares.

Source: Moneycontrol.com
Courtesy moneycontrol.com

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Vedanta, L&T to build steel mill in east India

London-listed Vedanta Resources Plc plans to set up a 5 million-tonne steel plant on India's east coast in a joint venture with Larsen & Toubro Ltd, a top Vedanta official said.

Sterlite Industries, a unit of Vedanta, had signed a preliminary agreement with the state government of Orissa in 2004 to build a 5 million-tonne steel plant in the state's mineral-rich Keonjhar district.

Vedanta Chairman Anil Agarwal met Orissa chief minister Naveen Patnaik on Thursday to discuss the group's projects in the state, and afterwards told reporters negotiations for the steel project were at an advanced stage.

He declined to give financial details or a timeline for the project.

"We have already initiated discussions with the Orissa government to find out if we can go with the old memorandum of understanding or sign a fresh one," A.K. Samal, senior vice president of Vedanta's projects in Orissa, told Reuters.

Source: Reuters
Courtesy moneycontrol.com

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L&T disappoints in Q3, cuts full-year growth estimate

Larsen & Toubro (L&T) has announced its third quarter results of FY10. The company's Q3 adjusted PAT (profit after tax) was up 15.21% to Rs 696 crore versus Rs 604.1 crore during the year-ago quarter.

Net sales for the company were down 6% at Rs 8,071 crore versus Rs 8,594 crore.

The company's Q3 numbers were below street estimates: CNBC-TV18 expected net profit at Rs 732 crore and net sales at Rs 10,145.2 crore.

The engineering and construction giant's EBIDTA margin stood at 11.8%.

L&T also cut down on its projected FY10 growth estimate, or guidance, to 10% from 15% earlier. It, however, re-iterated that order inflow for the full-year was still seen over 30%.

At 13:28 pm, shares in L&T were trading at Rs 1,568, down Rs 68.45, or 4.18%. Its volumes also increased 135% to 657,121 shares, compared to the five-day average of 2,79,142 shares. L&T's current market cap stands at Rs 94,122.78 crore.

Source: CNBC-TV18
Courtesy moneycontrol.com

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