LT

May 7 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - CO'S BUILDINGS FACTORIES BUSINESS WINS MULTIPLE ORDERS ACROSS THREE INDIAN STATES

• LARSEN AND TOUBRO - ORDER CLASSIFIED AS LARGE, VALUED AT 25 BILLION RUPEES TO 50 BILLION RUPEES

Source text: ID:nBSE73scTd

Further company coverage: LART.NS

(([email protected];))

Repeats to widen distribution

May 6 (Reuters) - India's Larsen & Toubro LART.NS shares fell to a more than three-week low in early trade on Wednesday after the conglomerate posted a 3.1% fall in quarterly profit and forecast revenue to grow at a slightly slower pace of 10-12% for the current fiscal.

The stock was last down 3.6% at 3,908 rupees.

(Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich)

(([email protected]; Ph no. +91 9590227221;))

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

• LARSEN AND TOUBRO - LT ENERGY HYDROCARBON ONSHORE WINS LARGE ORDER FROM BCGCL FOR COAL-TO-AMMONIA-NITRATE PROJECT IN ODISHA

• LARSEN AND TOUBRO - ORDER VALUE BETWEEN 25 BILLION RUPEES TO 50 BILLION RUPEES

Source text: ID:nNSE8hCvSR

Further company coverage: LART.NS

(([email protected];))

Updates with banker comment in paragraph 7; recasts throughout

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, April 30 (Reuters) - India's Torrent Power TOPO.NS is set to launch its largest-ever corporate bond issue to fund an acquisition, marking the first such bond sale of the current financial year, three merchant bankers told Reuters on Thursday.

The power producer plans to raise as much as 40 billion rupees ($421.8 million) through the sale of longer-tenor bonds, the bankers said, adding that the company is expected to tap the market in May, with discussions likely to conclude within the next week.

Proceeds from the sale will be used to fund Torrent Power's acquisition of Nabha Power, which was approved by India's competition regulator earlier this month, the bankers said.

In February, Torrent Power said it would buy the coal-fired power plant operator from Larsen & Toubro for about 69 billion rupees, including debt, as it steps up capacity in the region.

Bond issuance to fund acquisitions gathered pace in 2025 as companies sought to diversify funding sources away from banks.

The planned bond issue is expected to feature staggered redemptions, under which principal is repaid in multiple installments rather than as a lump sum at maturity.

The company may also issue three-year bonds to attract large mutual funds and lower the weighted average cost of borrowing, one of the bankers said.

"The company has also tied up with some mutual funds, so it is highly possible that they end up splitting the quantum in shorter as well as longer tenors," one of the bankers said.

The bonds are rated AA+ by Crisil and India Ratings.

In March, Torrent Power raised 20 billion rupees through staggered redemption bonds maturing in eight years, nine years and 10 year at an annual coupon of 7.97%.

Nabha Power operates a 1,400-megawatt coal-based plant in the northern state of Punjab and supplies all of its output to the state power corporation under a 25-year contract.

The acquisition will add to Torrent Power's recent push to scale up its thermal portfolio, as utilities turn to coal-based capacity to meet India's rising electricity demand.

The bankers requested anonymity as they are not authorised to speak to the media. Torrent Power did not immediately respond to a Reuters request for comment.

($1 = 94.8400 Indian rupees)

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

(([email protected];))

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

• DISPOSAL OF STAKE HELD BY COMPANY IN L&T METRO RAIL (HYDERABAD) LIMITED

• LARSEN AND TOUBRO - LARSEN AND TOUBRO TO SELL ENTIRE STAKE IN L&T METRO RAIL (HYDERABAD) FOR 14.61 BILLION RUPEES

Source text: ID:nBSE9rHdCV

Further company coverage: LART.NS

(([email protected];;))

April 27 (Reuters) - Larsen and Toubro Ltd LART.NS:

• L&T REALTY EXPANDS DEVELOPMENT PORTFOLIO WITH NCR LAND ACQUISITION

Source text: ID:nnAZN4SSSI5

Further company coverage: LART.NS

(([email protected];;))

The views expressed here are those of the author, the founder and CEO of Emmer Capital Partners Ltd

By Manishi Raychaudhuri

HONG KONG, April 27 (Reuters) - Asia has been the most vulnerable region in the Iran war given its heavy reliance on Middle East energy, but it could turn out to be a major winner from several long-term trends this conflict is likely to accelerate, including higher cybersecurity investment, the pivot away from fossil fuels and supply-chain diversification.

The region's energy-intensive economies - led by China, Japan, South Korea, and India — are highly dependent on Middle Eastern oil and gas. Around 80% of oil and 90% of gas that normally transit through the Strait of Hormuz are destined for Asian markets. The closure of the Strait for most vessels has thus led to sharp spikes in regional energy prices.

While China has been relatively insulated due to its massive stockpiles, the rest of the region has faced supply shortfalls, and in some countries, rationing.

Yet even though the crisis has laid bare Asia's energy vulnerabilities, it may simultaneously be accelerating several structural shifts that favour the region in the long term.

BUILDING THE ASIAN ARSENAL

The conflict is apt to accelerate the global push for more defense spending as well as Asia’s ongoing drive for greater defence self-sufficiency. The region’s world-class semiconductor and manufacturing supply chains may give Asian contractors a production edge that Western peers will struggle to match.

For example, Korean arms manufacturers – Hanwha Aerospace 012450.KS, LIG Defense & Aerospace 079550.KS, formerly LIG Nex1, and Hyundai Rotem 064350.KS - have commanded investor attention over the past year due to their strong earnings growth forecasts and large order backlogs.

Their market dominance could increase further, bolstered by growing penetration of European markets.

Both the Iran conflict and the Russia-Ukraine war have also underscored the efficacy and cost-effectiveness of "new" weaponry, especially drones. The global military drone market is expected to nearly double to $29 billion by 2030 from $15.3 billion in 2025, according to market research firm Technavio.

Technavio also forecasts similar growth for Asia's military drone market, which is led by state-backed Chinese aerospace giants. The region's manufacturers are apt to compete against U.S., Israeli, and Turkish rivals by leveraging their production scale, cost-effectiveness, and product range.

CHIPS, CYBER AND AI

Asia's cybersecurity ambitions sit at the heart of a broader global race, underpinned by rapid digital transformation, high threat exposure, government-led investment, and massive hardware manufacturing capacity supporting artificial intelligence-powered cyber defenses.

The World Economic Forum’s (WEF) January survey reveals that geopolitically motivated cyberattacks are the principal risk corporations perceive today.

Unsurprisingly, the WEF survey shows most companies view AI as the technology that will most significantly affect cybersecurity in the next 12 months.

AI already appears to be doing just that.

For example, Anthropic's Mythos - a model that is reportedly capable of identifying software vulnerabilities at scale - illustrates both the offensive potential and the defensive imperative.

The need to stay one step ahead in the AI arms race could push the U.S., Europe and others to seek to develop more of their own domestic manufacturing. Until then, the hunger for Korean and Taiwanese semiconductors looks set to remain insatiable.

THE ENERGY PIVOT

The energy shock created by the Iran war may encourage more nations to accelerate their push away from fossil fuels, expanding electric vehicles, energy storage and green energy overall.

China, with its commanding share of the EV battery market, stands to be a disproportionate winner. According to SNE Research data, Chinese manufacturers account for over 70% of global battery installations, followed by Korean companies at roughly 15%.

China also dominates intellectual property in the sector. Chinese firms held 18 of the top 20 rankings for patents in power battery systems in 2023, according to the China National Intellectual Property Administration. This means countries will likely be reliant on Chinese technological prowess as they seek to build up their low-carbon energy capabilities.

Nuclear energy is also back in focus as part of the response to the Middle East energy shock – particularly in Asia. South Korea is considering expanding its nuclear power capacity, and Taiwan is contemplating restarting two nuclear reactors. Meanwhile, Japan has signed a $40 billion reactor deal with the U.S. and a nuclear fuel recycling agreement with France.

This should create a strong tailwind for Asia’s nuclear power equipment manufacturers, with Korea’s Doosan Enerbility 034020.KS, China’s Shanghai Electric 601727.SS and Dongfang Electric 600875.SS, India’s Larsen and Toubro LART.NS and Japan’s Mitsubishi Heavy Industries 7011.T all potentially standing to benefit.

The current energy shock has also shown the danger of over-reliance on a single chokepoint. Diversification of supply routes is thus already moving from aspiration to operational necessity.

For example, there are renewed discussions about the India-Middle East-Europe Economic Corridor, a U.S.-backed rail and shipping project to link India to Europe, and Saudi Arabia is considering expanding its East-West oil pipeline, according to the Financial Times.

Several Asian companies with long experience and expertise in the Middle East – India’s Larsen and Toubro, PetroChina 601857.SS and Abu Dhabi-based NMDC NMDC.AD – could all potentially gain from this buildout.

Several hurdles remain. If the Strait of Hormuz remains closed for an extended period, it could trigger shortages of energy and industrial inputs, significantly denting Asia's manufacturing capability. Additionally, Western reshoring efforts, though gradual, could also dampen Asia's gains. Meanwhile, rising capital costs driven by inflationary expectations risk delaying both the green energy transition and defense projects.

The Middle East conflict will end at some point, but its impact on global policy direction will not.

(The views expressed here are those of Manishi Raychaudhuri, the founder and CEO of Emmer Capital Partners Ltd and the former head of Asia-Pacific Equity Research at BNP Paribas Securities.)

Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. Follow ROI on LinkedIn, and X.

And listen to the Morning Bid daily podcast on Apple, Spotify, or the Reuters app. Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week.

(Writing by Manishi Raychaudhuri;
Editing by Marguerita Choy and Anna Szymanski)

(([email protected]))

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

• LARSEN AND TOUBRO - ENTERS B2B INDUSTRIAL ELECTRONICS WITH MANUFACTURING IN TAMIL NADU

Source text: ID:nBSE7ZHKJw

Further company coverage: LART.NS

(([email protected];))

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

• WINS SIGNIFICANT ORDERS FOR BUILDINGS & FACTORIES BUSINESS

• SIGNIFICANT ORDER CLASSIFICATION VALUE IS 10 BILLION RUPEES TO 25 BILLION RUPEES

Source text: ID:nNSE13nTTP

Further company coverage: LART.NS

(([email protected];;))

April 22 (Reuters) - Indian infrastructure giant Larsen and Toubro LART.NS said on Wednesday that its green energy unit has signed an agreement with Japanese trading firm ITOCHU Corp 8001.T for the long-term supply of 300,000 tonnes of green ammonia per annum.

Here are some details:

• L&T Energy GreenTech will supply green ammonia, a key fuel option to decarbonise the shipping sector, from its proposed production facility in the western Indian state of Gujarat.

• ITOCHU aims to develop a global green ammonia supply ecosystem across crucial maritime trade routes, including Singapore.

• Indian companies are increasingly winning orders to supply green ammonia to countries including South Korea and Japan.

• India aims to produce about 5 million tons of green hydrogen and its derivatives, such as green ammonia, by 2030 through state subsidies.

(Reporting by Sethuraman NR in New Delhi; Editing by Sonia Cheema)

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

MUMBAI, April 20 (Reuters) - India's L&T Finance LTFL.NS is set to raise up to 5 billion rupees ($53.86 million), including a greenshoe option of 3.5 billion rupees, through the sale of bonds maturing in five years and two months, three bankers said on Monday.

It has invited coupon and commitment bids for the issue later in the day, they said.

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

Here is the list of deals reported so far on April 20:

*Size includes base plus greenshoe for some issues

($1 = 92.8375 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

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

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

• SECURES WORK ORDER FROM LARSEN & TOUBRO WORTH UPWARDS OF 7.5 MILLION RUPEES

Source text: ID:nBSEbxtpj0

Further company coverage: LART.NS

(([email protected];;))

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

• COMPLETES TRANSFER OF L&T SUFIN BUSINESS TO SUFIN LIMITED

• TRANSFER VALUED AT 429 MILLION RUPEES

Source text: ID:nBSE6rqMz

Further company coverage: LART.NS

(([email protected];))

March 24 (Reuters) -

• S&P: LARSEN & TOUBRO IS LIKELY TO REMAIN RESILIENT DESPITE ESCALATING GEOPOLITICAL TENSIONS IN MIDDLE EAST

• S&P: LARSEN & TOUBRO'S DIVERSIFIED BUSINESS MODEL AND ROBUST FINANCIAL HEADROOM PROVIDE CUSHION AGAINST POTENTIAL OPERATIONAL DISRUPTIONS

• S&P: ESTIMATE MIDDLE EAST WILL LIKELY CONTRIBUTE 35% OF L&T'S CONSOLIDATED REVENUE FOR THE FISCAL YEAR ENDING MARCH 2026

• S&P: PROLONGED CONFLICT COULD EXPOSE L&T TO COST ESCALATION, GIVEN 55% OF ITS CONTRACTS ARE FIXED PRICE

Further company coverage: LART.NS

(([email protected];))

** Shares of Larsen and Toubro LART.NS rise as much as 2.6% to 3,524 rupees

** The Indian infrastructure firm says exchanges have issued a no-objection letter for the transfer of its Realty Business Undertaking to L&T Realty

** Transfer through a slump sale under a scheme of arrangement was approved by board in December 2025

** Co had said the move marks the beginning of a phased consolidation of all real estate assets and undertakings to create a unified, future-ready entity

** Analysts have a "buy" rating on avg; median PT is 4,612.50 rupees - data compiled by LSEG

** YTD, LART down ~15%

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

Adds analyst comment in paragraph 4,5

March 4 (Reuters) - Shares of Indian infrastructure major Larsen & Toubro LART.NS dropped more than 7% to a one-month low on Wednesday, over worries that the escalating Middle East war could disrupt the company's projects in the region.

It led losses on the benchmark Nifty 50 .NSEI, which was down around 2%.

L&T has exposure to the Middle East through its hydrocarbon, infrastructure and energy engineering businesses, with the region contributing a large share of its international order book.

The construction and engineering firm, which fell about 5% on Monday, was down as much as 7.5% at 3,760 rupees on Wednesday after trading resumed following a local market holiday on Tuesday.

"The Gulf conflict could impact L&T execution in terms of physical damage to its ongoing infrastructure and hydrocarbon sites, including cancellation of projects and further supply chain cost due to the impact of geopolitical and freight delays," Macquarie said in a note.

The conflict, which began on February 28, has rattled global markets and hit oil production and shipping through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of the world's oil.

"Middle East accounts for 33–35% of L&T's inflows, backlog and revenue, and potential blockade of the Strait of Hormuz for March could shave 1.8% off the consolidated earnings per share," CLSA said.

Analysts at Axis Capital warned that project execution could be impacted if the crisis were prolonged.

However, some analysts also said that the pullback presents a buying opportunity as long-term prospects remain intact.

L&T is rated "buy" on average by 30 analysts, with a median price target of 4,800 rupees, according to LSEG data.

(Reporting by Brijesh Patel, writing by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala and Harikrishnan Nair)

(([email protected]; Ph no. +91 9590227221;))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

March 3 - By Ira Dugal, Editor Financial News, with global Reuters staff

Just when things seemed to be finally going right for the $3.8 trillion Indian economy, war has broken out between Iran and U.S.-Israel and engulfed other parts of the Middle East, bringing to the fore risks to the South Asian nation's external sector that have not been fully priced in.

Can a protracted conflict prematurely end the economy's Goldilocks phase? That's our focus this week. Write to me with your views at [email protected]

To stay updated on developments, sign up for Reuters Gulf Currents newsletter and follow live coverage here.

And, technical incidents at Air India have risen. Scroll down for more on that Reuters exclusive.

THIS WEEK IN ASIA

** Khamenei killing shatters Iran's order, triggers high-stakes succession race

** How Dubai's safe-haven status is being put to the test

** Bank of Japan deputy governor says rate hikes likely to continue

**China's annual parliament meet to unveil roadmap for tech race with the West

** 'Will it give me a job?': Nepal's election promises don't stop youth exodus

PRESSURE ON OIL COSTS

With the overhang of U.S. tariffs lifted recently, the Indian economy has been chugging along at a strong pace of growth with low inflation. But the Iran versus U.S.-Israel military conflict threatens to upend it.

The risks of an extended conflict in the Middle East, analysts say, could range from higher commodity prices to lower worker remittances and disruptions to businesses that have diversified to the flourishing economies in the region.

"A prolonged conflict, alongside a large jump in energy prices, would be a major macro negative (for India)," brokerage Jefferies said in a note on Monday.

The region accounts for 17% of India's exports, provides 55% of crude oil and 38% of worker remittances, it said.

Oil prices surged 8% on Monday following the military strikes over the weekend, with Brent crude LCOc1 for a while trading above $82 a barrel.

Prices could spike to $100 per barrel, Barclays said.

Global energy markets could face one of their gravest crises in decades with the scale of disruption likely to be determined by the duration of the conflict, Reuters Open Interest columnist Ron Bousso wrote. Read that piece here.

India could be among the most vulnerable if higher oil prices are sustained, analysts said. Read here to understand why. Government officials said on Monday steps will be taken to ensure local fuel supplies.

Every $10 per barrel increase in oil prices widens India's current account deficit to GDP ratio by 0.5%, Mumbai-based brokerage Emkay Global Financial Services said. It can add up to 35 basis points to retail inflation and hit GDP growth by 15-20 basis points, the brokerage added.

Nomura economists said that an extended increase in fuel costs could prompt governments in the region to use higher subsidies and lower taxes to protect consumers from the impact.

"Higher oil prices solidify the case for central banks to stay on hold," Nomura said.

Disruption of crucial sea routes could also hurt. Roughly a third of global seaborne crude oil exports pass through the Strait of Hormuz, with most volumes destined for economies such as China, India, Japan and South Korea, Moody's Analytics said.

An added risk for India is another spurt in already-high gold prices. Together oil and gold accounted for nearly a third of India's import bill in value terms in the current financial year till January.

Indian asset markets reflected these risks in Monday's trading, with equities and the rupee sliding and bond yields rising.

WORKER REMITTANCES MAY DWINDLE

India is walking a tightrope in the conflict, boasting historical cultural ties with Iran and strong strategic relations with Israel. Prime Minister Narendra Modi held talks with Israeli Prime Minister Benjamin Netanyahu in Jerusalem last week.

Weakness in the economies of Middle East nations could also hit large remittances that India gets from workers in the region, while putting businesses at risk.

Larsen and Toubro LART.NS, India's largest engineering and construction company, has nearly 40% of its engineering, procurement and construction order book coming from the region, Jefferies said. A few consumer goods companies, such as Dabur DABU.NS and Titan TITN.NS, along with pharma firms, also have material revenues linked to the Middle East, it said.

Additionally, airlines and tourism companies could be at risk of hits to profits if oil prices remain high and travel remains disrupted.

Extended uncertainty could also weigh on the near 10 million Indian workers in the Middle East, according to government data, many of whom send earnings home, boosting household finances and acting as a major source of foreign currency inflows into India.

The widening of the conflict across the region could slow down remittances, said Emkay Global, adding, though, that this was not their base case.

MARKET MATTERS

India's economy grew at 7.8% in the October-December period and is seen expanding at 7.6% in the current financial year, according to data released by the government under a revamped GDP series.

Read here for the key takeaways and catch up on views from economists here.

The new series is expected to provide a clearer read on the economy as it widens the sources of information, shifts to a more technically sound way of computing real GDP growth and updates the base year.

THIS WEEK'S MUST-READ

Technical incidents such as engine oil and fuel leaks affecting Air India flights reached their highest rate in at least 14 months in January, Reuters' Abhijith Ganapavaram and Aditya Kalra reported.

The airline in December admitted there was a "need for urgent improvements in process discipline, communication, and compliance culture".

In January, Air India recorded 1.09 technical incidents per 1,000 flights, quadrupling from levels of just 0.26 in December 2024.

Read that exclusive report here.

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

(([email protected]; +91-9833024892;))

** U.S.-Israel strikes on Iran that killed Supreme Leader Ali Khamenei and spurred a rise in crude prices could have adverse consequences on Indian sectors, brokerages say

** Brent crude LCOc1 up 6.7% at $77.8 a barrel on Monday

** Higher oil prices will likely hurt Indian oil marketing cos, paints, agro-chemicals, building materials, and tyre makers, according to Jefferies, BofA Securities and Bernstein

** Larsen & Toubro LART.NS particularly exposed, with Middle East forming ~50% of its order book and ~40% of revenue

** Building-materials players (tiles, PVC pipes) could see margin pressure due to higher gas costs

** Upstream oil cos, such as ONGC ONGC.NS and Oil India OILI.NS, to benefit from higher crude, while BPCL BPCL.NS, HPCL HPCL.NS and IOC IOC.NS face sharp profitability hit

** Agro-chemical firms at risk as India imports ammonia and sulphur via Strait of Hormuz

** Higher crude could raise India's borrowing costs, lift bond yields, and reduce PSU banks' treasury gains

** A 10% rise in crude will trim 200–250 bps from margins at Asian Paints ASPN.NS and Kansai Nerolac KANE.NS

** Indian benchmarks fall 1.3%, with broad-based sector declines on Monday .BO

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Feb 26 (Reuters) -

• LARSEN & TOUBRO BUYS 5.6 MILLION UNITS IN CAPITAL INFRA TRUST AT 69.50 RUPEES APIECE VIA BULK DEAL - NSE DATA

Further company coverage: CPII.NS

(([email protected];;))

** Shares of India's Larsen And Toubro LART.NS rise 1.93% to 4341.30 rupees

** Construction and engineering co secures a batch of EPC orders to establish electricity grid system elements in India and abroad

** Total value of orders ranges between 50 billion rupees ($549.77 million) to 100 billion rupees ($1.10 billion)

** Trading vols at 1.19 mln shares vs 30-day average of 2.25 mln shares

** Stock rated "buy" on avg by 30 analysts, median PT at 4715 rupees -- data compiled by LSEG

** LART gained 13.2% in 2025, stock up 4.3% so far in 2026

($1 = 90.9475 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

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

• CO EXECUTES BUSINESS TRANSFER AGREEMENT FOR E-COMMERCE PLATFORM

• SALE VALUE ESTIMATED AT 600 MILLION RUPEES

Source text: ID:nBSEwBqg5

Further company coverage: LART.NS

(([email protected];;))

Adds details from paragraph 2 onwards

Feb 23 (Reuters) - Indian IT services company LTIMindtree LTIM.NS on Monday said it has secured a $100 million, seven-year deal with a Europe-based medical technology company that provides hearing solutions.

The IT company did not reveal the name of the European firm.

Under the agreement, LTIMindtree will develop and support the client's main hearing aid brands and private-label products, including core wearable devices, and a mobile app for users.

Earlier this month, LTIMindtree's the board approved a proposal to rename the company LTM Limited, subject to shareholder and regulatory clearances.

In January, the IT firm said total order bookings for the quarter ended December 31 hit a record $1.69 billion.

(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)

(([email protected];))

Feb 20 (Reuters) - E2E Networks Ltd EENE.NS:

• E2E NETWORKS LTD - SIGNS MEMORANDUM OF UNDERSTANDING WITH LARSEN & TOUBRO -VYOMA

• E2E NETWORKS LTD - SIGNS MOU WITH LARSEN & TOUBRO -VYOMA TO PARTNER IN SCALING GPU CLOUD INFRASTRUCTURE

Source text: [ID:]

Further company coverage: EENE.NS

(([email protected];))

Feb 19 (Reuters) - Senior executives from global artificial intelligence firms joined world leaders in India this week for a major AI summit.

Here is a list of all the major deals struck during the India AI Impact Summit in New Delhi.

INDIA'S RELIANCE INDUSTRIES, JIO TO INVEST $110 BILLION

Conglomerate Reliance Industries RELI.NS and its telecom arm Jio will invest $109.8 billion over the next seven years to build artificial intelligence and data infrastructure, its billionaire chairman Mukesh Ambani said on Thursday.

INDIA'S ADANI GROUP TO COMMIT $100 BILLION FOR AI DATA CENTRES THROUGH 2030

The ports-to-power Adani Group said on Tuesday it would invest $100 billion for renewable energy-powered AI data centres by 2035.

Adani said that the investment is expected to trigger an additional $150 billion across related industries, including server manufacturing and sovereign cloud platforms.

Together, this is projected to create a $250 billion AI infrastructure ecosystem in India over the decade, it added.

MICROSOFT TO INVEST $50 BILLION IN 'GLOBAL SOUTH' BY 2030

Microsoft MSFT.O on Wednesday said it is on pace to invest $50 billion by the end of the decade to help expand AI to countries across the 'Global South'.

The firm had unveiled $17.5 billion worth of AI investments in India last year.

INDIAN DATA CENTRE FIRM YOTTA COMMITS $2 BILLION FOR AI HUB

Yotta Data Services said on Wednesday it will build one of Asia's largest AI computing hubs using Nvidia's NVDA.O latest Blackwell Ultra chips, in a project costing more than $2 billion.

INDIAN IT SERVICES EXPORTER TCS SIGNS OPENAI AS DATA CENTRE CUSTOMER

Tata Consultancy Services TCS.NS has signed up ChatGPT parent OpenAI as its first customer for its data centre unit under the global AI infrastructure initiative Stargate, the companies said on Thursday.

INDIA'S L&T, NVIDIA TO BUILD INDIA'S LARGEST AI FACTORY

Infrastructure major Larsen & Toubro LART.NS announced a proposed venture with Nvidia to build AI-ready data centre infrastructure, advanced computing platforms, and ecosystem enablement required to support large-scale AI workloads.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Raju Gopalakrishnan)

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

Feb 18 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - L&T TEAMING WITH NVIDIA

• LARSEN AND TOUBRO - L&T TEAMING WITH NVIDIA TO BUILD INDIA'S LARGEST GIGAWATT- SCALE AI FACTORY

• LARSEN AND TOUBRO- VENTURE WILL SCALE NVIDIA GPU CLUSTER DEPLOYMENT AT ITS CHENNAI DC UP TO 30 MW CAPACITY IN ITS 300 ACRES GIGAWATT SCALABLE CAMPUS

Source text: ID:nNSE2w9dR5

Further company coverage: LART.NS

(([email protected];))

Feb 17 (Reuters) - Larsen and Toubro Ltd LART.NS:

• TRISHAKTI INDUSTRIES LTD - GET WORKER ORDER WORTH 4.2 MILLION RUPEES FROM L&T

Source text: ID:nnAZN4SH4H4

Further company coverage: LART.NS

(([email protected];))

Feb 16 (Reuters) - Larsen and Toubro Ltd LART.NS:

• EXECUTION OF SECURITIES PURCHASE AGREEMENT TO DIVEST NABHA POWER

• CONSIDERATION FOR SALE IS 36.61 BILLION RUPEES

• TO DIVEST NABHA POWER LIMITED TO TORRENT POWER

Source text: ID:nBSEjz0tq

Further company coverage: LART.NS

(([email protected];;))

Feb 10 (Reuters) - Larsen and Toubro Ltd LART.NS:

• TRANSPORTATION INFRASTRUCTURE VERTICAL WINS ROAD DEVELOPMENT CONTRACT IN DUBAI

• ORDER VALUED BETWEEN 10 BILLION TO 25 BILLION RUPEES

Source text: ID:nBSE6MjW75

Further company coverage: LART.NS

(([email protected];))

Updates levels, adds graphic after paragraph 11

Feb 5 (Reuters) - Rapid advances in artificial intelligence, triggered in part by Anthropic's latest automation push, could structurally erode the IT sector's high-margin application services revenues, creating downside risks to earnings and valuations, analysts warn.

Shares in India's software exporters .NIFTYIT settled 0.6% lower on Thursday, a day after plunging 6% in their worst session for nearly six years, as AI-driven automation from U.S.-based Anthropic and Palantir fuelled fears of compressed project timelines and disruption to the industry's labour-intensive business model.

The weakness has echoed across global IT stocks this week, extending a broader selloff in companies seen as most exposed to potential AI disruption.

"There is more pain ahead for Indian IT," Jefferies said, adding that Anthropic's and Palantir's claims highlight how AI could potentially erode application service revenues for IT firms.

"With application services accounting for 40–70% of revenues, firms face growth pressures, and consensus growth estimates do not fully reflect this, posing downside risks to valuations."

DISRUPTION

Indian IT firms have been ramping up AI investments and re-skilling efforts, even as weak global tech spending, delayed client decision-making and pricing pressure have weighed on the sector. Foreign investors offloaded a record $8.5 billion worth of Indian IT stocks in 2025.

However, some analysts said the sharp selloff may be overdone.

JPMorgan said that while concerns around AI disruption were not without merit, it was illogical to extrapolate the launch of some tools to an expectation that companies will replace every layer of mission-critical enterprise software.

Domestic brokerage Kotak Institutional Equities described the decline as a case of "plenty of panic over a little flutter".

Among large IT firms, Tata Consultancy Services TCS.NS, Tech Mahindra TEML.NS and LTIMindtree LTIM.NS have higher exposure to application services, which account for about 55%–60% of revenues, while HCL Tech HCLT.NS has the lowest exposure at around 40%.

Their stocks fell between 4% and 7% % on Wednesday, and extended losses on Thursday.

Brokerage Motilal Oswal estimates that 9%-12% of industry revenues could be eliminated over the next four years due to AI-led disruption.

Jefferies expects AI to weigh on IT-sector revenue growth over the next one to two years, arguing that deflation in legacy service-line revenues will more than offset gains from AI-related opportunities.

The IT sub-index has lost 17% since the start of 2025, including Wednesday's selloff, and is on track for its worst week in over four months.

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Writing by Chandini Monnappa; Editing by Mark Potter and Louise Heavens)

(([email protected]; 8800437922;))