Larsen & Toubro (L&T) shares gained nearly 1% on the NSE following the completion of the sale of its entire stake in L&T Infrastructure Development Projects Limited (LTIDPL).
At the time of writing, the stocks was trading at ₹3742.10 which is a 0.30% gain than the previous close.
The sale, announced on April 11, involved L&T’s 51% stake and Canada Pension Plan Investment Board’s (CPP Investments) 49% stake being acquired by Epic Concesiones Private Limited, an investee company of Edelweiss Infrastructure Yield Plus Strategy managed by Edelweiss Alternative Asset Advisors Limited (EAAA).
LTIDPL’s portfolio includes eight roads covering 4,900 lane-km and one 960 ckm power transmission asset.
This move is part of L&T’s strategy to exit non-core businesses, reducing exposure to asset-heavy developmental projects to enhance return on equity (RoE).
The conglomerate is yet to announce the date for its Q4 earnings. In Q3, L&T reported a 15.5% year-on-year (YoY) increase in net profit to ₹2,947.4 Crore, with revenue from operations increasing by 18.8% to ₹55,127.8 Crore.
L&T Technology Services (LTTS), a subsidiary of Larsen & Toubro, provides engineering research and development (ER&D) services, with interests in automotive, embedded system and semiconductor engineering, industrial internet of things, manufacturing plant engineering, and medical engineering.
LTTS is listed on the National Stock Exchange and the Bombay Stock Exchange, with offices across India, the United States, Europe, and Asia, including a subsidiary company, Esencia, based in San Jose, California.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2024, IIFL Securities Ltd. All Rights Reserved
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
