LT

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

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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 )

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** 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)

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** 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)

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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)

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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

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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

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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

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Rewrites first paragraph, adds analyst rating changes and brokerage commentary from paragraph 3

July 30 (Reuters) - Shares of Larsen & Toubro LART.NS jumped on Wednesday, as investors cheered the Indian infrastructure giant's quarterly results, which topped expectations due to accelerating order growth.

The stock, which rose by as much as 4.5% rupees to 3,652.70 rupees, was the top percentage gainer on the benchmark Nifty 50 index .NSEI, which was trading flat, and also boosted the infrastructure sub-index .NIFTYINFR, which rose 0.6%.

Nine analysts raised their price targets on the shares after the results, data compiled by LSEG showed.

The company has begun fiscal year 2026 with "strong order inflow" and the management has pointed to a considerably robust prospect pipeline for the rest of the year, which gives "strong order inflow visibility", brokerage Emkay Research said.

L&T's long-term business prospects remain promising given that infrastructure development is one of Indian government's pivotal themes to revive the economy, said Antique Stock Broking.

The shares are rated "buy" on average by 29 analysts, according to LSEG data. The median price target is at 4,070.50 rupees.

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

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

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

• LARSEN AND TOUBRO - STRONG PROSPECT PIPELINE OF 15 TRLN RUPEES FOR REMAINING NINE MONTHS OF FY26

Source text: ID:nnAZN4A9Q2V

Further company coverage: LART.NS

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July 24 (Reuters) -

• TORRENT IS SAID IN TALKS TO BUY L&T’S POWER UNIT FOR $1 BILLION- BLOOMBERG NEWS

Source text: https://tinyurl.com/4sfxc6am

Further company coverage: LART.NS

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By Haripriya Suresh

BENGALURU, July 18 (Reuters) - Indian IT services firm LTIMindtree LTIM.NS is targeting near double-digit revenue growth by the end of fiscal 2026, its CEO said on Friday, a day after the company posted a narrow miss on first-quarter revenue.

"If we can hit a run rate which brings us nearer to the double digit of year-on-year growth ... (FY26) will definitely end up becoming better than FY25," CEO Venugopal Lambu told Reuters.

Nachiket Deshpande, President of LTIMindtree, told analysts on Friday that after the formation of a global large deal team, the company is winning more deals and adding to the pipeline. "We're seeing the (deal) momentum continue at least in the next few quarters," Deshpande said.

On Thursday, the firm reported first quarter consolidated revenue of 98.41 billion rupees ($1.14 billion), missing estimates marginally as cautious spending by clients slowed growth in its key North America market to the lowest in over a year.

Stubborn inflation, subdued demand, and uncertainty around U.S. trade policies are prompting clients to delay discretionary tech spending, clouding prospects of a recovery in India's $283 billion IT sector.

The company's operating margin in the first quarter contracted by 70 basis points on-year, but expanded 50 basis points sequentially.

Lambu on Friday said the company was also aiming to expand its operating margins by 100 basis points by the end of fiscal 2026.

LTIMindtree's shares fell as much as 2.4% on Friday before closing 1.36% lower.

($1 = 86.0770 Indian rupees)

(Reporting by Haripriya Suresh in Bengaluru; Editing by Chandini Monnappa and Sahal Muhammed)

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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

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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]))

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)

(([email protected]))

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

(([email protected];;))

June 6 (Reuters) - Larsen and Toubro Ltd LART.NS:

• L&T ANNOUNCES INDIA'S FIRST LISTED ESG BOND DEAL IN PARTNERSHIP WITH HSBC

• ANNOUNCES 5 BILLION RUPEES ESG BOND ISSUANCE DEAL

Source text: ID:nBSEbVSpNF

Further company coverage: LART.NS

(([email protected];;))

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)

(([email protected]))

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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