L&T rises on plan to incorporate subsidiary to focus on engineering services

23 Aug 2013

Larsen & Toubro (L&T) is currently trading at Rs. 728.00, up by 2.60 points or 0.36% from its previous closing of Rs. 725.40 on the BSE.

The scrip opened at Rs. 730.00 and has touched a high and low of Rs. 740.00 and Rs. 722.15 respectively. So far 133229 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1146.33 on 29-Oct-2012 and a 52 week low of Rs. 698.60 on 22-Aug-2013.

Last one week high and low of the scrip stood at Rs. 794.70 and Rs. 698.60 respectively. The current market cap of the company is Rs. 67589.98 crore.

The institutions and non-institutions held 53.07% and 43.78% stake in the company, respectively.

With an aim to further restructure its businesses, L&T is planning to form a subsidiary, L&T Technology Services to focus on engineering services. As per the plan, L&T by April 1, 2014, will transfer the major part of the engineering services within itself to the new entity.

Further, to counter the weak domestic economy, L&T is also sharpening its focus on international orders. In fiscal 2013, the company undertook Rs 12,000 crore worth of projects outside India. Furthermore, L&T expects to garner about Rs 25,000 crore from overseas business this year. However, on the domestic front, the company will be very selective about bidding for contracts.

Larsen & Toubro is the biggest legacy of two Danish Engineers, who built a world-class organization that is professionally managed and a leader in India's engineering and construction industry. It was the business of cement that brought the young Henning Holck-Larsen and S.K. Toubro into India.

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