LT

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

• PARTNERSHIP BETWEEN L&T AND INDIAN ARMY

• PARTNERSHIP FOR OVERHAUL, UPGRADE, OBSOLESCENCE MANAGEMENT OF PINAKA ROCKET SYSTEMS

Source text: ID:nnAZN4RSBUQ

Further company coverage: LART.NS

(([email protected];))

** Shares of LTIMindtree Ltd LTIM.NS fall as much as 1.5% to 5,970 rupees

** Citi Research opens a 30-day catalyst watch, says double-digit revenue growth, margin improvement may be hard to sustain amid sector pressures and premium valuations

** Adds, with valuations near 29 times FY27 earnings and at a premium to large caps, the risk-reward looks unattractive after recent outperformance

** Despite continued global economic growth, Indian IT rev growth remains sluggish, says Citi

** Q3 focus will likely be on pace of recovery and in hope of pickup in IT spends in areas beyond AI

** Mean rating of stock is 'hold'; median PT is 5,880 rupees - data compiled by LSEG

** LTIM last down 0.9%; gained ~8.6% in 2025

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Jan 2 (Reuters) - Larsen and Toubro Ltd LART.NS:

• WINS MAJOR ORDERS FOR MINERALS & METALS BUSINESS

• GOT ORDER WORTH BETWEEN 50-100 BILLION RUPEES

Source text: ID:nBSE3MRyrR

Further company coverage: LART.NS

(([email protected];;))

** Shares of LTIMindtree LTIM.NS climb 8.8% this year, lone gainer among IT stocks .NIFTYIT

** Ten-member Nifty IT .NIFTYIT index is among worst-performing sector indexes of 2025, down 12.4%

** Through the year, LTIM has been an exception to the sluggish demand environment, winning two of its largest-ever deals nL4N3RK0M4 nL6N3VN0L4

** Analysts tracking LTIM rate it "hold" on average, same as four other members of IT index - data compiled by LSEG

** Stock declined 11% last year and is set for biggest annual gain since 2023

(Reporting by Nandan Mandayam in Bengaluru)

(([email protected]; Mobile: +91 9591011727;))

Dec 29 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - L&T WINS SIGNIFICANT ORDER FOR ITS TRANSPORTATION INFRASTRUCTURE BUSINESS

• LARSEN AND TOUBRO - WINS ORDER WORTH 10- 25 BILLION RUPEES

Source text: ID:nBSE56PHp9

Further company coverage: LART.NS

(([email protected];;))

Adds Bharat Forge statement, paragraph 6

By Shivam Patel

NEW DELHI, Dec 9 (Reuters) - At least half a dozen executives from top Indian arms makers, including Adani Defence ADEL.NS and Bharat Forge BFRG.NS, attended rare meetings in Russia this year to discuss potential joint ventures, three people familiar with the matter said.

The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to re-orient its decades-old defence ties with Russia to focus on joint development of weapons.

Any potential collaboration with Russia risks setting back plans by Indian defence firms to jointly develop Western arms as part of Prime Minister Narendra Modi's push to make India, one of the world's biggest arms importers, a global manufacturing hub.

Western diplomats have previously said that a key obstacle to the transfer of sensitive military technology to India is its defence ties with Russia and the vast amount of Russian-origin arms used by the Indian military, totalling about 36%.

The talks in Moscow were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, headed by India's Defence Production Secretary Sanjeev Kumar, that was aimed at laying the ground for Russian President Vladimir Putin's visit to India on December 4-5.

Spokespeople for Adani Group and Bharat Forge denied that executives from any of their companies attended the meetings. India's defence ministry and the other firms cited by the sources did not respond to requests for comment.

JOINT PRODUCTION IN INDIA

The meetings discussed the potential for manufacturing of spares for Mikoyan MiG-29 fighter jet, and other Russian-origin air defence and weapon systems, as well as a Russian proposal to set up production units in India for development of equipment that could potentially also be exported to Moscow, said two of the sources and another industry executive.

They spoke on condition of anonymity, citing the sensitivity of the matter.

Russia has been India's top arms supplier for decades, and during Putin's visit the two sides said they had agreed to reorient their partnership "to joint research and development, co-development and co-production of advanced defence technology and systems" to support India's self-reliance in defence.

INDIAN EXECUTIVES IN MOSCOW

A broad delegation of representatives from defence units of Indian conglomerates, state-owned firms, as well as startups involved in the development of drones and artificial intelligence for military use attended the meetings, the sources said.

An executive at engineering conglomerate Kalyani Group's Bharat Forge, which makes components for missiles and artillery guns, attended the meetings as part of efforts to source or jointly develop components for Russian-origin tanks and aircraft as well as to explore potential future collaboration on helicopters, two of the sources said.

Adani Defence and Aerospace, a unit of billionaire Gautam Adani's apples-to-airports conglomerate Adani Group, was represented by its Chief Executive Ashish Rajvanshi, the sources said.

Also attending was an executive from the Society of Indian Defence Manufacturers advisory group that lists more than 500 arms and military equipment makers as its members, including the defence arms of conglomerates Tata Sons, Larsen & Toubro, and state-owned firms such as Bharat Electronics BAJE.NS.

SANCTIONS RISK

Reuters reported in 2024 that a Bharat Forge subsidiary was among the three Indian firms that exported artillery shells to Europe, some of which were later diverted to Ukraine, resulting in a diplomatic protest from Moscow.

Indian firms, however, would be hesitant about striking new deals with Russia due to the risk of secondary sanctions, an Indian executive said.

While India can use diplomatic outreach and lobbying to offer some protection from sanctions, an Indian defence official said the firms would have to factor in the political risks themselves.

(Reporting by Shivam Patel in New Delhi
Editing by Frances Kerry)

(([email protected];))

Oct 31 (Reuters) - Larsen and Toubro Ltd LART.NS:

• CO AND GA-ASI ANNOUNCE PARTNERSHIP FOR RPAS MANUFACTURE IN INDIA

Source text: ID:nBSE88SY8j

Further company coverage: LART.NS

(([email protected];))

Adds details paragraph 3 onwards

BENGALURU, Oct 16 (Reuters) - Indian IT services company LTIMindtree LTIM.NS reported bigger-than-expected quarterly earnings on Thursday on strong performance in the banking, financial services and insurance (BFSI) sector, its largest segment.

Its net profit for the quarter rose 12% and consolidated sales for the quarter climbed 10.2%, beating analysts' average estimates of 12.77 billion rupees and 102.37 billion rupees, respectively, according to data compiled by LSEG.

The Mumbai-headquartered company, which generates nearly 75% of its revenue from America, reported a 3.6% rise in revenue from the region.

In July, chief executive Venugopal Lambu told Reuters that the company was aiming for near double-digit revenue growth by the end of the fiscal year.

Larger peers Tata Consultancy Services TCS.NS, HCLTech HCLT.NS and Tech Mahindra TEML.NS also beat quarterly revenue estimates and said they expect the second half of this fiscal to be better than the first in terms of overall demand.

LTIMindtree's deal wins for the quarter totaled $1.59 billion, compared with $1.63 billion in the previous quarter and $1.3 billion a year earlier.

Its shares closed 0.2% higher on Thursday ahead of the results.

($1 = 87.9070 Indian rupees)

(Reporting by Haripriya Suresh and Kashish Tandon; Editing by Janane Venkatraman )

(([email protected];))

** India's Larsen & Toubro LART.NS jumps 2.6% to 10-month high of 3,841.4 rupees

** Infrastructure major 3.2% away from lifetime high of 3,963.5 rupees

** Brokerage firm Jefferies raises PT to 4,345 rupees from 4,230 earlier, retains "buy" rating

** Says LART on track to achieve or exceed FY26 revenue, order flow, and margin guidance

** Adds that strong growth visibility with conservative guidance should drive stock

** Analysts on avg rate LART "buy"; median PT at 4,090 rupees, as per data compiled by LSEG

** YTD, stock up 6.5%

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of LTIMindtree LTIM.NS gain as much as 4.3% to 5,501 rupees, last up 0.6%

** Stock among top gainers on Nifty IT index .NIFTYIT, which was up 0.4%

** IT services company said on Monday it had won its largest-ever deal; it did not reveal name of the client and financial details

** Two sources pegged the deal size at $580 million, Reuters reported

** LTIM rated "hold" on average by 38 brokerages, same as HCLTech HCLT.NS, Tech Mahindra TEML.NS and Wipro WIPR.NS - LSEG data

** YTD, LTIM down ~5% vs ~20% decline in NIFTYIT

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

By Sai Ishwarbharath B and Haripriya Suresh

BENGALURU, Oct 6 (Reuters) - Indian IT services company LTIMindtree LTIM.NS announced on Monday that it had won its largest-ever deal, with two sources aware of the matter pegging the size at $580 million.

The sixth largest software services exporter in India said the deal was with a leading global media and entertainment company, but did not disclose the name of the client.

The company did not immediately respond to a request for comment on the size of the deal or the name of the client.

The deal comes at a time when India's $283-billion IT sector is facing macroeconomic uncertainties, tariff-related risks and changes in U.S. immigration policy. India's IT companies will report their numbers for the September quarter starting Thursday, and analysts expect muted results.

LTIMindtree had also announced its now second-largest deal of $450 million in May, which sources said was with U.S. agribusiness giant Archer-Daniels-Midland ADM.N.

The company's shares closed 3% higher on Monday, marking their biggest daily jump in nearly five months.

LTIMindtree said it will play a role in the client's efforts "to streamline operations and modernise delivery models, incorporating automation, process optimisation, and vendor consolidation".

HFS Research CEO Phil Fersht said mid-cap companies such as LTIMindtree, Coforge COFO.NS and Mphasis MBFL.NS are showing momentum in large deal wins as "they're faster and more flexible in shaping AI-led value propositions".

"While the large caps are still optimising legacy portfolios, these mid-caps are winning new logos and expanding into outcome-based, AI-powered deals," he added.

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

NEW DELHI, Oct 1 (Reuters) - India's northeastern state of Assam has withdrawn its flagship clean energy policy announced in February, according to a document reviewed by Reuters and sources with direct knowledge of the matter, clouding millions of dollars of planned investments.

Earlier this year, Assam, the largest state in India's northeast, sought to attract investments to a region that has lagged in renewable energy adoption by offering financial incentives and waivers.

The February policy offered subsidies on power transmission and eased bank guarantee requirements to support clean energy projects in the state.

An internal memo dated July 18, reviewed by Reuters, said the integrated clean energy policy was withdrawn following a cabinet decision, without specifying the reason for its reversal.

Assam's power department did not respond to a Reuters email seeking comment on the policy withdrawal.

The Assam government has not issued an official withdrawal of the clean energy policy, industry sources said.

Energy companies including NTPC Green NTPG.NS, Larsen & Toubro LART.NS, Singapore-listed Sembcorp SCIL.SI, and Abu Dhabi-based Ocior have bid for green hydrogen projects in Assam, the sources and bid documents reviewed by Reuters said.

Inconsistent policies from state governments pose challenges to planned investments, said a senior NTPC official, who did not want to be identified due to the sensitive nature of the matter.

In June, Reuters reported that Assam had put its flagship green hydrogen policy on hold, surprising investors.

(Reporting by Sethuraman N R; Editing by Mayank Bhardwaj and Ronojoy Mazumdar)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Sept 24 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO LTD - CONSORTIUM TO PARTICIPATE IN EXPRESSION OF INTEREST FOR AMCA

• LARSEN AND TOUBRO - FORMS STRATEGIC PARTNERSHIP WITH BEL FOR FIGHTER AIRCRAFT

Source text: ID:nBSE7VSfgk

Further company coverage: LART.NS

(([email protected];))

Aug 11 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - L&T SECURES ULTRA-MEGA CONTRACT FROM ADANI POWER

• LARSEN & TOUBRO GOT ORDER WORTH OVER 150 BILLION RUPEES

• LARSEN AND TOUBRO - CONTRACT FOR 6,400MW THERMAL POWER FOR CARBONLITE SOLUTIONS BUSINESS

Further company coverage: LART.NS

(([email protected];))

NEW DELHI, Aug 4 (Reuters) - The Indian government's tax card upgrade project, known as PAN 2.0, has been awarded to LTIMindtree LTIM.NS, a government source aware of the matter said on Monday.

The project, approved by Prime Minister Narendra Modi's administration in November 2024, is expected to go live in 18 months, the source, who did not want to be named as the information is not yet public, said.

LTIMindtree and the income tax department did not immediately respond to Reuters' requests for comment.

(Reporting by Nikunj Ohri; Editing by Mrigank Dhaniwala)

(([email protected]; +91 90284 60730; Reuters Messaging: twitter.com/nikunj_ohri))

Aug 1 (Reuters) - Larsen and Toubro Ltd LART.NS:

• GOT ORDER WORTH BETWEEN 25-50 BILLION RUPEES

• SECURES CONTRACT FOR MINERALS AND METALS BUSINESS

• SECURES ORDER FROM HINDUSTAN ZINC

Source text: ID:nBSE8VDZl8

Further company coverage: LART.NS

(([email protected];;))

July 30 (Reuters) - Shares of Larsen and Toubro (L&T) LART.NS jumped nearly 4% on Wednesday, a day after the Indian infrastructure giant topped first-quarter profit expectations.

In early trade, the stock was the top percentage gainer on the benchmark Nifty 50 index .NSEI, which is trading flat, and on the infrastructure sub-index .NIFTYINFR, which is up 0.6%

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Eileen Soreng)

(([email protected]; X: @MukherjeeHritam;))

July 29 (Reuters) - India's infrastructure giant Larsen & Toubro LART.NS beat quarterly profit estimates on Tuesday, and posted a quicker order growth.

The company's consolidated profit after tax stood at 36.17 billion rupees ($416.7 million) for the quarter ended June 30, above analysts' average expectation of 33.68 billion rupees, per data compiled by LSEG.

Total orders grew 33%, faster than the 8% growth a year ago and a 24% growth in the preceeding quarter.

($1 = 86.8100 Indian rupees)

(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru)

(([email protected]; X: @MukherjeeHritam;))

July 24 (Reuters) - Larsen and Toubro Ltd LART.NS:

• SECURES LARGE ORDERS FOR BUILDING & FACTORIES BUSINESS

• ORDERS WORTH 25-50 BILLION RUPEES

Source text: ID:nBSEbydPVZ

Further company coverage: LART.NS

(([email protected];;))

** India's LTIMindtree LTIM.NS drops ~2% to 5,095 rupees

** Stock loses most among 10 stocks on IT index .NIFTYIT, which is trading 0.3% lower

** India's no. 6 IT services firm by revenue misses first-quarter revenue estimates on slow growth in its North America business

** CLSA analysts call growth in LTIM's top five clients "anaemic"

** Adds, LTIM's underlying capabilities are not reflecting in its growth ambitions yet

** Larger rival Wipro WIPR.NS, which also reported on Thursday, beat estimates; shares up ~3%

** LTIM among six stocks on IT index rated "hold" on avg - data compiled by LSEG

** YTD, stock down ~9% vs IT index's ~15% decline

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

July 17 (Reuters) - Hindustan Aeronautics Ltd HIAE.NS:

• INDIA GOVERNMENT - HINDUSTAN AERONAUTICS GETS FIRST SET OF WING ASSEMBLIES FOR LIGHT COMBAT AIRCRAFT MK1A FROM L&T

Source text: [ID:]

Further company coverage: HIAE.NS

(([email protected];;))

MUMBAI, July 14 (Reuters) - India's L&T Finance LTFL.NS accepted bids worth 10 billion rupees ($116.31 million) for bonds maturing in two years, three merchant bankers said on Monday.

The company will pay an annual coupon of 7.12% and invited bids from bankers and investors earlier in the day, the bankers said.

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

Here is the list of deals reported so far on July 14:

* Size includes base plus greenshoe for some issues

($1 = 85.9750 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

(([email protected], [email protected]))

By Sethuraman N R and Sudarshan Varadhan

July 11 (Reuters) - India's northeastern state of Assam has put its flagship green hydrogen policy on hold, government and industry sources said, surprising investors already hit by a cut in incentives for clean energy projects.

The state, the largest in the northeast, has sought to attract major investments in a region that has lagged behind much of the country in renewable energy adoption, offering financial incentives and waivers to bring in electricity.

Energy firms, including NTPC Green NTPG.NS, Larsen And Toubro LART.NS, Singapore-listed Sembcorp SCIL.SI, and Abu Dhabi-based Ocior, expressed initial interest in bidding for green hydrogen projects in Assam, four sources familiar with the matter told Reuters.

Assam's decision to pause the green hydrogen policy surprised some of the companies, forcing them to recalibrate potential returns and investment plans worth millions of dollars, three of the sources said.

The state is now working on a new draft policy, which is expected by the end of this month, the government official said.

The companies did not respond to Reuters' emails seeking comment. The industry officials and sources declined to be identified as they are not authorised to speak on the matter.

Green hydrogen is produced using clean electricity and is seen as a decarbonisation tool to help limit global warming.

"Every state keeps on revising its policy and what incentive it can give based on the demand and requirement," Krishna Kumar Dwivedi, principal secretary at Assam's power department, said without elaborating.

He did not provide details on why Assam is holding back on the policy or the reasons for cuts in previously announced incentives.

The clean energy policy was first unveiled in February. In June, Assam sharply reduced transmission subsidies and increased bank guarantees in its solar policy compared to the initial framework.

"Investors look for long-term stability even if policies aren't best designed," said Debabrat Ghosh, head of India at Aurora Energy Research.

An official from a large Indian renewables developer said the lack of renewable energy sources in Assam will make green hydrogen projects in the state dependent on its neighbours for power, which will drive up costs and lower competition.

"Without adequate subsidies for transmission, power costs could be 10%-15% higher. Unless such costs are reduced, Assam will fall behind other states with more competitive policies," the official said.

(Reporting by Sethuraman NR; Editing by Sonia Cheema)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Correct paragraph 1 to indicate 300,000 bpd figure refers to total refinery capacity, not diesel unit capacity

By Nidhi Verma

NEW DELHI, July 10 (Reuters) - Indian Oil Corp IOC.NS plans to shut the diesel desulphuriser unit at its 300,000 barrel-per-day Panipat refinery for an upgrade aimed at producing sustainable aviation fuel (SAF) next year, Arvind Kumar, its head of refineries, said on Thursday.

The overhaul of the diesel unit is scheduled for late this year or early next year, Kumar told an industry event in New Delhi.

India aims to have 1% sustainable aviation fuel (SAF) in aviation fuel by 2027, doubling to 2% in 2028.

The refinery's diesel output would not be hit due to the shutdown as the refiner has additional diesel hydrotreaters at the Panipat site.

The upgraded unit will process used cooking oil (UCO) to produce 30,000 metric tons per year of SAF, he said.

Indian Oil, the country's largest refiner, will also look at upgrading some kerosene-producing units at other refineries to make SAF, he said.

He also said that Indian Oil will soon invite bids for a 70,000 tons-per-year green hydrogen plant and a sustainable aviation fuel project.

Indian Oil has already awarded a bid to build a 10,000 tons-per-year green hydrogen facility at the Panipat refinery to engineering major Larsen and Toubro LART.NS. L&T will build and operate the plant and sell green hydrogen to Indian Oil at 397 Indian rupees ($4.64) per kilogram.

India has set a target for refiners to meet half of their hydrogen demand through green hydrogen by 2030, he said.

($1 = 85.6490 Indian rupees)

(Reporting by Mohi Narayan, Editing by Louise Heavens)

(([email protected]; https://twitter.com/_mohi_;))

June 23 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - LARSEN & TOUBRO LISTS ESG BONDS WORTH 5 BILLION RUPEES ON NSE

Source text: ID:nBSE3HBCHR

Further company coverage: LART.NS

(([email protected];))

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)

(([email protected];))

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)

(([email protected]))

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)

(([email protected]))