LT

Updates with banker comments

By Dharamraj Dhutia

MUMBAI, June 19 (Reuters) - Indian infrastructure major Larsen & Toubro LART.NS could raise funds through environmental, social and governance bonds again, after its first-ever issuance of the notes was sold at a premium, a company spokesperson said on Wednesday.

In the debut bond sale under India's newly-introduced ESG debt securities framework, L&T on Wednesday raised 5 billion rupees ($58 million) through three-year notes at a coupon of 6.35%.

This compares with 6.45%-6.50% secondary market yields on the company's near three-year bonds, according to merchant bankers.

"We remain open to raising more funds through ESG-linked issuances...," the spokesperson told Reuters. "Should the need arise, and if market conditions are conducive, we may consider the ESG debt market again."

The notes, rated AAA by Crisil, saw banks and mutual funds as investors, the spokesperson said.

SBI Mutual Fund was the anchor investor and bought at least 750 million rupees of the bonds, bankers said. The fund house did not reply to a Reuters email seeking comment.

"We were able to achieve beneficial pricing on this ESG bond issuance compared to our plain vanilla bonds. The strong investor interest in credible ESG-labelled instruments helped us price the bond attractively," the L&T spokesperson said.

The deal signals that credible ESG-labelled issuances can secure premium pricing purely on the strength of transparency and investor confidence, said Venkatakrishnan Srinivasan, founder and managing partner at debt advisory firm Rockfort Fincap.

"Going ahead, this could open the gates for more corporates to access the ESG bond market, and issuers with strong sustainability credentials may benefit from favourable pricing."

($1 = 86.4020 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Eileen Soreng and Mrigank Dhaniwala)

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MUMBAI, June 17 (Reuters) - India's Larsen & Toubro LART.NS (L&T) plans to raise 5 billion rupees ($58.06 million) through sale of so-called ESG bonds maturing in three years, three merchant bankers said on Tuesday.

The company will pay an annual coupon of 6.35% on this issue and has invited bids from bankers and investors on Wednesday, they said.

This would be the first bond issue under Securities and Exchange Board of India's newly-introduced environment, social and governance debt securities framework that was released on June 5.

L&T did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 17:

*Size includes base plus greenshoe for some issues

($1 = 86.1240 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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MUMBAI, June 11 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 17.55 billion rupees ($205.32 million) for three-year bonds and the reissue of 7.2092% June 2027 bonds, two merchant bankers said on Tuesday.

The company has invited bids from bankers and investors earlier in the day, they said.

L&T Finance did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 11:

*Size includes base plus greenshoe for some issues

($1 = 85.4780 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Janane Venkatraman)

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MUMBAI, June 10 (Reuters) - India's L&T Finance LTFL.NS plans to raise 18 billion rupees ($210.43 million), which includes 15 billion rupees of a greenshoe option, through sale three-year bonds and reissue of 7.2092% June 2027 bonds, two merchant bankers said on Tuesday.

The company has invited bids from bankers and investors on Wednesday, they said.

L&T Finance did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on June 10:

*Size includes base plus greenshoe for some issues

($1 = 85.5410 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

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June 9 (Reuters) - Larsen and Toubro Ltd LART.NS:

• L&T WINS SIGNIFICANT ORDER FOR HEAVY CIVIL INFRASTRUCTURE BUSINESS

• ORDER WORTH 10-25 BILLION RUPEES

• ORDER FROM JSW ENERGY FOR BHAVALI PUMPED STORAGE PROJECT

Source text: ID:nnAZN3Y7IJS

Further company coverage: LART.NS

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MUMBAI, May 23 (Reuters) - India's L&T Finance LTFL.NS plans to raise 15 billion rupees ($174.75 million), which includes a greenshoe option of 5 billion rupees through sale of bonds maturing in two year and one month and reissue of 7.59% June 2028 bonds, three bankers said on Friday.

The company has invited bids from bankers and investors on Monday, they said.

L&T Finance did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on May 23:

*Size includes base plus greenshoe for some issues

($1 = 85.8350 Indian rupees)

(Reporting by Dharamraj Dhutia;Editing by Nivedita Bhattacharjee)

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Adds details, background and shares from paragraph 2

May 12 (Reuters) - Indian software services exporter LTIMindtree LTIM.NS bagged a $450 million multi-year deal, its largest ever, the company said on Monday.

Its shares rose as much as 7.7%. They were trading about 6% higher before the news, tracking a broader IT sector rally on easing global recession worries.

LTIMindtree said the customer was a global agribusiness company, without disclosing the name.

The deal comes at a time when larger peers are struggling to secure mega deals as macroeconomic uncertainties and tariff risks weighed on India's $283 billion IT sector.

Large deals are key revenue drivers for IT services companies.

Last month, the company reported fourth quarter revenue that marginally missed estimates.

(Reporting by Nandan Mandayam in Bengaluru, additional reporting by Sai Ishwarbharath B; Editing by Mrigank Dhaniwala)

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May 8 (Reuters) - Larsen and Toubro Ltd LART.NS:

• Q4 CONSOL NET PAT 54.97 BILLION RUPEES; IBES PROFIT EST. 49.98 BILLION RUPEES

• Q4 CONSOL REV FROM OPS 743.92 BLN RUPEES; IBES EST. 763.15 BLN RUPEES

• DIVIDEND 34 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: LART.NS

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MUMBAI, April 25 (Reuters) - India's L&T Metro Rail (Hyderabad) has accepted bids worth 28.72 billion rupees ($336.3 million) for bonds maturing in 10 years, three bankers said on Friday.

It will pay a coupon of 7.55% on this issue and had invited bids earlier in the day, they said.

The company confirmed the details of the bond issue.

Here is the list of deals reported so far on April 25:

*Size includes base plus greenshoe for some issues

($1 = 85.4100 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

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MUMBAI, April 24 (Reuters) - India's L&T Metro Rail (Hyderabad) plans to raise 28.72 billion rupees ($335.57 million), through the sale of bonds maturing in 10 years, three bankers said on Thursday.

It has invited coupon and commitment bids for the issue on Friday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 24:

*Size includes base plus greenshoe for some issues

($1 = 85.5860 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia
Editing by)

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BENGALURU, April 23 (Reuters) - India's No.6 software services exporter LTIMindtree LTIM.NS on Wednesday marginally missed quarterly earnings estimates due to a revenue decline in its healthcare and consumer segments.

The company posted consolidated revenue of 97.72 billion rupees ($1.14 billion) for the quarter ended March 31, up 10% year-on-year, but below the analysts' average estimate of 98.57 billion rupees, according to LSEG data.

Its peers, Tata Consultancy Services TCS.NS and Infosys INFY.NS, have previously flagged a difficult year ahead, as global economic uncertainty and cautious client spending further impact the sector.

The Indian IT sector, valued at $283 billion, is facing challenges due to U.S. President Donald Trump's unpredictable tariff policies, which are causing uncertainty and delays in technology spending decisions among its major clients.

Indian IT companies expect retail and manufacturing clients to be more exposed to the tariff turmoil and may resort to cost-cutting if uncertainty persists.

The company's quarterly profit rose 2.5% to 11.29 billion rupees, while analysts, on average, were expecting a profit of 11.58 billion rupees.

Revenue at its healthcare and consumer verticals fell during the quarter by 16.2% and 1.9%, respectively. Its largest vertical, banking, financial services and insurance, grew 12%.

LTIMindtree's revenue from North America, which accounts for nearly 75% of its total, grew 6.8%, whereas its Europe market declined 1.5%.

"Our key verticals and a major geography drove our yearly growth despite an ongoing challenging macro environment," said Debashis Chatterjee, CEO, in a statement.

Its deal wins stood at $1.6 billion versus $1.68 billion in the previous quarter and $1.43 billion in the year-ago period.

The company's shares closed 5% higher ahead of the results.

($1 = 85.3880 Indian rupees)

(Reporting by Haripriya Suresh and Sai Ishwarbharath B; Editing by Vijay Kishore)

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MUMBAI, April 11 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth an aggregate of 10 billion rupees ($116.2 million) for multiple tenor bonds, three bankers said on Friday.

The company will reissue 7.7989% March 2030 bonds at a yield of 7.5904%, and will sell fresh three-year and two-month bonds at a coupon of 7.5934%, they said.

L&T Finance did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 11:

*Size includes base plus greenshoe for some issues

($1 = 86.0675 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Varun H K)

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Adds quote, background in paragraphs 2-4, 6-7

By Terje Solsvik

OSLO, April 10 (Reuters) - Norway's $1.7 trillion sovereign wealth fund will adhere to broad risk diversification in the face of turbulent markets and uphold its long-term investment strategy despite incurring huge losses so far this year, the government said on Thursday.

U.S. President Donald Trump announced hefty tariffs on imports to the United States last week, only to pause many of the reciprocal measures on Wednesday amid intense market volatility, leading to a partial rebound in global stocks.

Norway's fund, which owns about 1.5% of all globally listed stocks, has lost around 1.1 trillion Norwegian crowns ($101.38 billion) since the start of 2025 as asset prices fell sharply, the finance ministry said in an annual filing to parliament.

"Abrupt changes in strategy or ill-considered decisions must be avoided," Finance Minister Jens Stoltenberg said in a statement.

"In a time of greater unpredictability, broad risk diversification remains the best approach," he added.

The world's largest fund last year earned a record $222 billion from its investments but has repeatedly warned that strong returns won't last forever.

It has previously said that its decision to buy stocks during the 2008-2009 global financial crisis was highly profitable.

The fund will, however, seek to fulfill a long-held goal of cutting some of the smaller firms from its portfolio, which currently consists of stakes in more than 9,000 companies, partly to reduce the complexity of management, the government said.

The fund invests about 70% of its assets in equities, around 25% in bonds and the rest in unlisted real estate and renewable energy infrastructure.

The government did not propose any changes to ethics rules that ban the fund from investing in many of the world's major weapons makers. Reversing the ban has been the subject of political debate in Norway in recent months.

($1 = 10.8503 Norwegian crowns)

(Reporting by Terje Solsvik, editing by Louise Rasmussen and Emelia Sithole-Matarise)

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MUMBAI, April 9 (Reuters) - India's L&T Finance LTFL.NS plans to raise 10 billion rupees ($116 million), including a greenshoe option of 8 billion rupees, through sale of multiple tenor bonds, three bankers said on Wednesday.

L&T Finance will reissue 7.7989% March 2030 bonds and will sell fresh three-year and two-month bonds at a coupon of 7.5934%, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 9:

*Size includes base plus greenshoe for some issues

($1 = 86.2400 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

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April 7 (Reuters) - Trishakti Industries Ltd TELI.BO:

• TRISHAKTI INDUSTRIES LTD - SECURES SIGNIFICANT CONTRACT FROM L&T

• TRISHAKTI INDUSTRIES LTD - CONTRACT WORTH 25 MILLION RUPEES

Source text: ID:nBSE4mkz8f

Further company coverage: TELI.BO

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March 26 (Reuters) - Larsen and Toubro Ltd LART.NS:

• WINS LARGEST SINGLE CONTRACT FROM QATARENERGY LNG

• GOT ORDER WORTH OVER 150 BILLION RUPEES

Source text: ID:nBSE6R58Dy

Further company coverage: LART.NS

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March 25 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - L&T-CLOUDFINITI FORMS STRATEGIC PARTNERSHIPS WITH AI STARTUPS

• LARSEN AND TOUBRO LTD - L&T-CLOUDFINITI PARTNERS WITH HANOOMAN AI, COROVER, AND PIDIMA AI

• LARSEN AND TOUBRO LTD - COLLABORATIONS TO FOCUS ON HEALTHCARE, LIFE SCIENCES, VERTICAL AI

Source text: ID:nBSE2nVhjW

Further company coverage: LART.NS

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March 24 (Reuters) - Seamec Ltd SEAM.NS:

• L&T AWARDS LOA TO CONSORTIUM OF SEAMEC AND POSH INDIA OFFSHORE

Source text: ID:nNSE7XngKT

Further company coverage: SEAM.NS

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March 21 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - SUBRAMANIAN SARMA ELEVATED AS DEPUTY MANAGING DIRECTOR & PRESIDENT

Source text: ID:nnAPN2PH6MF

Further company coverage: LART.NS

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Corrects paragraph 9 in March 5 story to say each rocket, not each booster, costs about $30 million.

By Nivedita Bhattacharjee

BENGALURU, March 5 (Reuters) - The Indian industrial conglomerate Larsen & Toubro LART.NS said it is betting on aerospace as a potential growth engine, including launch vehicle and satellite manufacturing, as the country cuts reliance on imports and boosts private participation.

L&T, considered a bellwether for India's infrastructure spending because of how many industries its work touches, is the country's largest private-sector defense manufacturer by revenue; its Precision Engineering and Systems unit posted revenue of 46.10 billion rupees ($548.3 million) in the 2024 fiscal year, up 41% from the previous year.

At its factory in Coimbatore, in the southern Indian state of Tamil Nadu, L&T is assembling the country's first privately built Polar Satellite Launch Vehicle (PSLV), a mainstay of ISRO's launch programme, through a consortium with Hindustan Aeronautics Limited HIAE.NS. It is also building equipment for ISRO's other deep space exploration programs.

The company hopes to scale up its space business amid India's privatization push, which has eased foreign investment limits and allocated a larger share of procurement budgets away from state-run enterprises.

"We have decades of experience in high-tech manufacturing, critical systems, and scaling up production. The same expertise applies to aerospace," AT Ramchandani, senior vice president and head of L&T's Precision Engineering and Systems, told Reuters in an interview at the factory.

Walking through the facility, amid workers building heat shields and other rocket components, he said the global launch vehicle market was expected to hit about $160 billion over the next decade. The Indian government has set a target of reaching $44 billion for the country's commercial space sector in that time. India's space sector is valued at $13 billion, according to a February report by research firm DAM Capital.

L&T's plans intersect with India's strategy to position the country as a leading space power, with Prime Minister Modi's government pushing for the industry to become a force for further economic growth.

The country hopes liberalized regulations allowing private firms to design, build and operate launch services will attract global players, mirroring the commercial space boom seen in the United States and Europe.

The first launch of a privately built PSLV booster, delayed from early 2025, is expected to occur by mid-year, though an exact date had not yet been decided, Ramchandani said. Each rocket costs about $30 million.

"Clearly when we are getting into a business like this, it is with an eye to the global market," Ramchandani said. "There’s demand for timely and cost-effective launches, especially as satellite constellations grow. If we can provide availability, reliability, and cost advantages, India can be competitive."

(Reporting by Nivedita Bhattacharjee in Bengaluru. Editing by Gerry Doyle)

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March 5 (Reuters) - Larsen and Toubro Ltd LART.NS:

• SECURES SIGNIFICANT ORDERS FOR RESIDENTIAL TOWERS IN MUMBAI, BANGALORE, CHENNAI

• GETS ORDER WORTH BETWEEN 10-25 BILLION RUPEES

Source text: ID:nBSE3vN3Mb

Further company coverage: LART.NS

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March 4 (Reuters) - Ultracab (India) Ltd ULTA.BO:

• RECEIVED APPROVALS FROM L&T TO DELIVER PRODUCTS FOR ONGOING PROJECTS

Source text: ID:nBSE91v13Z

Further company coverage: ULTA.BO

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March 3 (Reuters) - Larsen and Toubro Ltd LART.NS:

• L&T WINS ORDERS (LARGE) FOR POWER TRANSMISSION & DISTRIBUTION BUSINESS

• WINS LARGE ORDERS FOR POWER TRANSMISSION & DISTRIBUTION BUSINESS

• LARSEN & TOUBRO GOT ORDER WORTH 25-50 BILLION RUPEES

Source text: [ID:]

Further company coverage: LART.NS

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Feb 26 (Reuters) - Larsen and Toubro Ltd LART.NS:

• INDIA GOVERNMENT: INDIAN ARMY SIGNS CONTRACT WITH L&T AT COST OF 804.3 MILLION RUPEES

Source text: [ID:]

Further company coverage: LART.NS

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Feb 25 (Reuters) - Avantel Ltd AVAN.NS:

• AVANTEL LTD - RECEIVES PURCHASE ORDER WORTH 16.4 MILLION RUPEES FROM LARSEN & TOUBRO

Source text: ID:nBSE5PCrLK

Further company coverage: AVAN.NS

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Feb 20 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO: L&T MINERALS & METALS BUSINESS SECURES LARGE ORDERS IN STEEL AND ALUMINA SECTORS

• LARSEN & TOUBRO GOT ORDER WORTH BETWEEN 25 - 50 BILLION RUPEES

• LARSEN AND TOUBRO LTD - ORDER FROM HINDALCO TO SET UP 850 KTPA ALUMINA REFINERY

Source text: ID:nBSE9skjdx

Further company coverage: LART.NS

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** Indian IT index .NIFTYIT the only one among 13 major sectors trading higher, bucking broader market weakness .BO

** IT stocks up 0.24% vs a 0.5% drop in benchmark Nifty 50 .NSEI

** LTIMindtree LTIM.NS top gainer, up 2.83% after signing a multi-year contract

** Persistent Systems PERS.NS follows, with a 2.71% increase

** JP Morgan expects PERS to be the fastest growing in its coverage over FY25-27, saying it navigates tough macro environment well

** Heavyweights Infosys INFY.NS flat, while TCS TCS.NS down 0.6%

** IT index has lost 4.9% YTD, more than Nifty 50's ~3% drop

(Reporting by Ananta Agarwal in Bengaluru)

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MUMBAI, Feb 12 (Reuters) - India's L&T Finance has accepted bids worth 3.60 billion rupees ($41.44 million) for bonds maturing in five years and two months, three bankers said on Wednesday.

L&T Finance will pay an annual coupon of 7.80% on this issue and had invited commitment bids for the same earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on February 12:

* Size includes base plus greenshoe for some issues

($1 = 86.8700 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

(([email protected]))

MUMBAI, Feb 11 (Reuters) - India's L&T Finance plans to raise 5 billion rupees ($57.6 million), including a greenshoe option of 2.50 billion rupees, through the sale of bonds maturing in five years and two months years, three bankers said on Tuesday.

L&T Finance will pay an annual coupon of 7.80% on this issue and has invited commitment bids for the same on Wednesday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Feb. 11:

*Size includes base plus greenshoe for some issues

($1 = 86.8800 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra
Editing by Sumana Nandy)

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