L&T News

The company's EBITDA margin declined by 70 basis points to 9.7 per cent in Q3FY25 from 10.4 per cent a year ago. This decline was primarily due to a sharp rise in costs. 

Muraleedharan in a long post on LinkedIn wrote that "It's truly disheartening to see how the words of our MD & Chairman, SN Subrahmanyan (SNS) have been taken out of context, leading to misunderstandings and unnecessary criticism." 

The L&T Chairman's 90 hours work-week video received a backlash from netizens on social media platforms, with many users comparing it to Infosys founder Murthy's statement about working 70 hours a day.

The stock rallied 2.94 per cent to settle at Rs 3,623 on the BSE. During the day, it jumped 3.15 per cent to Rs 3,630.55.

Both L&T (51 per cent) and CPP Investments (49 per cent) stakes have been acquired by Epic Concesiones Private Limited, an investee company of Edelweiss Infrastructure Yield Plus Strategy, managed by Edelweiss Alternative Asset Advisors Limited (EAAA).

According to L&T, the company is involved in the Chandrayaan-3 mission from manufacturing of subsystems till mission tracking.

L&T chairman A M Naik drew a total remuneration of Rs 6.18 crore for 2019-20 as against Rs 8.15 crore in 2018-19. L&T CEO & MD S N Subrahmanyan took home Rs 27.17 crore for 2019-20, showing a pay cut of 43.91 percent. Whole-time Director & Chief Financial Officer R Shankar Raman saw a pay cut of 47.33 percent to Rs 13.20 crore.

The rescue team confirmed the death of five-person who were present inside the building. There were around ten workers involved in the demolition process of the building which belonged to construction major Larsen and Toubro.

A multi-storey building collapsed in Gujarat's Vadodara district on Saturday while work was underway to demolish it.

Mindtree has appointed named SN Subrahmanyan, CEO of Larsen & Toubro Ltd (L&T), as its non-executive vice chairman.

The overall PAT, including the PAT from discontinued operations for the quarter April to June, 2019 grew by 21.2 percent to Rs 1,473 crore as against Rs 1,215 crore for the corresponding quarter of the previous year, L&T said in a BSE filing.

The infrastructure major's open offer - for Rs 980 a share - opened on June 17 and closed on June 28, 2019.

Larsen and Toubro had bought 20.32 percent shares in the IT firm from V G Siddhartha and his coffee enterprise for over Rs 3,000 crore in March and subsequently made an open offer to buy an additional 31 percent stake.

In March this year, L&T had bought 20.32 percent stake from coffee baron VG Siddhartha and companies related to him and as since kept buying stake in Mindtree from its promoters and through an ongoing open offer.

Also, Mindtree co-founder Subroto Bagchi, who will retire next month, has not offered himself for re-appointment to the Board.

Last week, infrastructure major L&T had announced its Rs 5,030-crore open offer to acquire an additional 31 percent stake in the mid-tier IT company after nearly a month's delay.

L&T will have to shell out Rs 5,029.8 crore for the planned open offer for the Bengaluru-based company.

After the latest transaction, L&T's shareholding in Mindtree stands at 28.88 percent. The latest stock purchase was made at Rs 980 apiece.

Earlier this month, L&T had purchased around 20 percent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market.

The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.94 percent. The latest stock purchase was made at Rs 972 apiece.