LT

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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** Indian IT services firm LTIMindtree LTIM.NS gains 0.9% to 5,062 rupees

** Co awarded Indian government's tax card upgrade project, known as PAN 2.0, Reuters reports, citing a government source aware of the matter

** The project, approved by Prime Minister Narendra Modi's administration in November 2024, is expected to go live in 18 months, the report says

** LTIM and the income tax department did not immediately respond to Reuters' requests for comment

** Stock was trading 0.2% higher before the report

** YTD, stock down over 9%

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

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;))

Adds details throughout

July 29 (Reuters) - India's infrastructure giant Larsen & Toubro LART.NS beat quarterly profit estimates on Tuesday, boosted by rising overseas contracts.

Seen as a bellwether for India's infrastructure sector, L&T has been ramping up overseas orders to offset the relatively weaker domestic market.

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

Revenue rose 16% to 636.79 billion rupees, above analysts' estimate of 627.46 billion rupees, helped by improved execution of international projects.

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

International orders constituted 52% of the total, up from 46% a year earlier.

New tendering for Indian government projects remained sluggish during the quarter, brokerage Elara Capital said.

($1 = 86.8100 Indian rupees)

(Reporting by Hritam Mukherjee and Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)

(([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

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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)

(([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

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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 26 (Reuters) - India's L&T Finance LTFL.NS has accepted bids worth 15 billion rupees ($176.33 million) for bonds maturing in two years and one month and reissue of 7.59% June 2028 bonds, three bankers said on Monday.

The company will pay an annual coupon of 7.2092% on the fresh issue and will offer a yield of 7.2509% on the reissue and had 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 May 26:

* Size includes base plus greenshoe for some issues

($1 = 85.0700 Indian rupees)

(Reporting by Dharamraj Dhutia)

(([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)

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

** Shares of Larsen and Toubro LART.NS up 1% ahead of its quarterly results

** Analysts expect LART's Q4 profit and rev to rise 14% each, per data compiled by lSEG

** ElaraCapital said delays linked to land acquisition approvals and government payments made L&T's execution slower than usual during the quarter

** Analysts said strong international prospects helped the firm cushion the hit in domestic market

** LART is seen as a bellwether for India's infrastructure sector due to the scale and breadth of the orders it receives

** Stock is down 7% so far in 2025 vs 3% rise in Nifty 50 index .NSEI

(Reporting by Nishit Navin)

(([email protected];))

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)

(([email protected]))

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)

(([email protected]; [email protected]))

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)

(([email protected]))

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)

(([email protected]))

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)

(([email protected];))

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)

(([email protected]))