Larsen & Toubro (L&T) said, 'Clean energy transition has accelerated in recent years with decarbonized electricity being central to the fight against climate change. The rapid technology development in renewable generation has facilitated this trend. Renewable penetration, particularly in solar and wind generation, is set to grow in the global mix.' There is a strong momentum in India's pursuit of promoting renewable energy especially towards increasing the share of non-fossil fuels-based electricity. India sees green jobs and renewable growth as important aspects of achieving the visionary Viksit Bharat and equitable climate justice for the world. Renewable Energy Implementing Agencies have chalked out clear capacity addition trajectories and several schemes including Green Energy Corridors are being implemented, it added. The Middle East region is ideal for solar generation due to high solar irradiance, abundant land availability and alignment of solar generation with peak cooling demand and freeing up of fossil fuel for exports. In addition to these core markets, there are significant investments materializing in the adjacent regions such as in the SAARC, ASEAN, CIS and the African countries, the company stated in the press release. L&T has constructed some renewable energy projects in India including the 90MW Omkareshwar floating solar project commissioned recently. India's first grid scale solar cum storage project, implementation of decentralized distributed generation packages for remote villages are some of the noteworthy achievements. In this backdrop, to enhance management visibility and to ensure seamless integration of resources and capabilities, L&T has created the Renewable EPC business, an addition to its construction verticals. S.N.Subrahmanyan, chairman & managing director, Larsen & Toubro said, 'The growth of renewable EPC business has accelerated in recent years. Thanks to our early start and investments, we have built an organization that is uniquely placed in the value chain of creating sustainable energy infrastructure. Multiple opportunities are visible. We want to capitalize on our success and wish to remain a preferred partner of choice for our customers. Creation of this vertical will give increased autonomy, customer proximity and leadership oversight to the business and enable us to excel in this space.' Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer'focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades. The EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24. Shares of Larsen & Toubro shed 0.81% to Rs 3,673.05 on the BSE. Powered by Capital Market - Live

Effective 1 September 2024, Larsen & Toubro has carved out a separate business vertical for Renewable EPC out of its Power Transmission & Distribution business, within its Infrastructure Projects segment. Commenting on the development S.N.Subrahmanyan, Chairman & Managing Director - Larsen & Toubro said: 'The growth of renewable EPC business has accelerated in recent years. Thanks to our early start and investments, we have built an organization that is uniquely placed in the value chain of creating sustainable energy infrastructure. This space is promising. Multiple opportunities are visible. We want to capitalize on our success and wish to remain a preferred partner of choice for our customers. Creation of this vertical will give increased autonomy, customer proximity and leadership oversight to the business and enable us to excel in this space.'  Powered by Capital Market - Live

The domestic equity benchmarks ended with minor gains on Wednesday. The Nifty closed above the 24,750 mark after hitting the day's low of 24,654.50 in early trade. Consumer durables, FMCG and media shares advanced while realty, PSU bank and bank shares declined. As per provisional closing, the barometer index, the S&P BSE Sensex, gained 102.44 points or 0.13% to 80,905.30. The Nifty 50 index added 71.35 points or 0.29% to 24,770.20. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.43% and the S&P BSE Small-Cap index rose 0.87%. The market breadth was strong. On the BSE, 2,611 shares rose and 1,340 shares fell. A total of 87 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 3.52% to 13.33. IPO Update : The initial public offer (IPO) of Orient Technologies received 3,91,69,656 bids for shares as against 74,49,846 shares on offer, according to stock exchange data at 15:25 IST on Wednesday (21 August 2024). The issue was subscribed 5.26 times. The issue opened for bidding on Wednesday (21 August 2024) and it will close on Friday (23 August 2024). The price band of the IPO is fixed between Rs 195 to Rs 206 per share. An investor can bid for a minimum of 72 equity shares and in multiples thereof. The initial public offer (IPO) of Interarch Building Products received 37,11,59,104 bids for shares as against 46,91,585 shares on offer, according to stock exchange data at 15:25 IST on Wednesday (21 August 2024). The issue was subscribed 79.11 times. The issue opened for bidding on Monday (19 August 2024) and it will close on Wednesday (21 August 2024). The price band of the IPO is fixed between Rs 850 to Rs 900 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof. Buzzing Index: The Nifty Consumer Durables index added 1.47% to 40,671.15. The index rallied 6.43% in eight consecutive trading sessions. Crompton Greaves Consumer Electricals (up 3.19%), Titan Company (up 2.45%), Havells India (up 1.65%), Voltas (up 1.21%), Cera Sanitaryware (up 1.13%), Dixon Technologies (India) (up 0.42%), V-Guard Industries (up 0.4%), Whirlpool of India (up 0.15%), Kajaria Ceramics (up 0.15%) and Bata India (up 0.1%) edged higher. On the other hand, Amber Enterprises India (down 1.4%), Blue Star (down 0.15%) and Rajesh Exports (down 0.03%) declined. Stocks in Spotlight: Larsen & Toubro rose 0.59%. The EPC major announced that it has secured a large order for its Transportation Infrastructure Business for the integrated infrastructure development project in Navi Mumbai. Meanwhile, the company informed that the Bombay High Court has quashed and set aside the show-cause notice and Rs 2,237-crore demand issued by the GST authorities. Hindustan Zinc shed 0.35%. The company announced that it has received a GST demand notice amounting to Rs 26.12 crore from the Office of the Commissioner of Central Excise & CGST Commissionerate. Exide Industries advanced 2.31% after the company said that it has invested Rs 74.99 crore in its wholly owned subsidiary, Exide Energy Solutions (EESL) by way of subscription to share capital on right basis. Oriental Rail Infrastructure was locked in 5% upper circuit after the company reported consolidated net profit of Rs 4.37 crore in Q1 FY25 as compared with net loss of Rs 8.01 crore posted in Q1 FY24. Revenue from operations was at Rs 172.03 crore in first quarter of FY25, registering a growth of 42.91% as against Rs 120.37 crore posted a year ago. Genus Power Infrastructures was locked in 5% upper circuit after the company's subsidiary secured three letters of award (LoAs) worth Rs 3,608.52 crore. RMC switchgears was locked in 5% upper circuit after the company's subsidiary, RMC Green Energy secured approval from the Rajasthan Renewable Energy Corporation to establish a 50 megawatt (MW) renewable energy park in Rajasthan. Indoco Remedies gained 4.84% after the firm received final approval from the US Food and Drug administration (USFDA) for its abbreviated new drug application (ANDA) for Lofexidine Tablets. Lofexidine Tablets is indicated for mitigation of symptoms associated with acute withdrawal from opioids and for facilitation of the completion of opioid discontinuation treatment. Global Markets: European stocks advanced while most Asian stocks ended mixed on Wednesday, tracking a pullback on Wall Street and reflecting investor caution ahead of a key speech by Federal Reserve Chair Jerome Powell later this week. The weakness in the U.S. market, where the Dow Jones Industrial Average closed down 0.15%, the S&P 500 fell 0.2%, and the Nasdaq Composite dropped 0.33%, spilled over into Asia. Japan's Nikkei index likely mirrored this cautiousness, as data revealed a smaller-than-expected export growth and a surge in imports, resulting in a trade deficit for July. Hong Kong's Hang Seng index was further pressured by a significant decline in e-commerce giant JD.com's stock price. News reports suggesting Walmart's planned sale of its stake in JD.com for $3.74 billion contributed to the 11% drop in JD stock. Powered by Capital Market - Live

The headline equity benchmarks continued to trade near the flat line in afternoon trade. The Nifty traded above the 24,700 level after hitting the day's low of 24,654.50 in early trade. Media, consumer durables and FMCG shares advanced while realty, PSU bank and bank shares declined. At 13:30 IST, the barometer index, the S&P BSE Sensex, declined 122.18 points or 0.15% to 80,677.13. The Nifty 50 index added 6.15 points or 0.02% to 24,705. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.10% and the S&P BSE Small-Cap index rose 0.67%. The market breadth was strong. On the BSE, 2,432 shares rose and 1,395 shares fell. A total of 125 shares were unchanged. Gainers & Losers: Divi's Laboratories (up 3.29%), Titan Company (up 2.65%), HDFC Life Insurance Company (up 2.15%), Hindalco Industries (up 2.14%) and SBI Life Insurance Company (up 1.88%) were major Nifty gainers. UltraTech Cement (down 1.33%), HDFC Bank (down 1.16%), Tata Steel (down 1.10%), State Bank of India (down 1.01%) and ICICI Bank (down 0.95%) were major Nifty losers. Stocks in Spotlight: Larsen & Toubro rose 0.83%. The EPC major announced that it has secured a large order for its Transportation Infrastructure Business for the integrated infrastructure development project in Navi Mumbai. Meanwhile, the company informed that the Bombay High Court has quashed and set aside the show-cause notice and Rs 2,237-crore demand issued by the GST authorities. Hindustan Zinc shed 0.08%. The company announced that it has received a GST demand notice amounting to Rs 26.12 crore from the Office of the Commissioner of Central Excise & CGST Commissionerate. Oriental Rail Infrastructure was locked in 5% upper circuit after the company reported consolidated net profit of Rs 4.37 crore in Q1 FY25 as compared with net loss of Rs 8.01 crore posted in Q1 FY24. Revenue from operations was at Rs 172.03 crore in first quarter of FY25, registering a growth of 42.91% as against Rs 120.37 crore posted a year ago. Genus Power Infrastructures was locked in 5% upper circuit after the company's subsidiary secured three letters of award (LoAs) worth Rs 3,608.52 crore. RMC switchgears hit an upper circuit of 5% after the company's subsidiary, RMC Green Energy secured approval from the Rajasthan Renewable Energy Corporation to establish a 50 megawatt (MW) renewable energy park in Rajasthan. Exide Industries advanced 1.73% after the company said that it has invested Rs 74.99 crore in its wholly owned subsidiary, Exide Energy Solutions (EESL) by way of subscription to share capital on right basis. Global Markets: European shares advanced while Asian stocks traded mixed on Wednesday, tracking a pullback on Wall Street and reflecting investor caution ahead of a key speech by Federal Reserve Chair Jerome Powell later this week. The weakness in the U.S. market, where the Dow Jones Industrial Average closed down 0.15%, the S&P 500 fell 0.2%, and the Nasdaq Composite dropped 0.33%, spilled over into Asia. Japan's Nikkei index likely mirrored this cautiousness, as data revealed a smaller-than-expected export growth and a surge in imports, resulting in a trade deficit for July. Hong Kong's Hang Seng index was further pressured by a significant decline in e-commerce giant JD.com's stock price. News reports suggesting Walmart's planned sale of its stake in JD.com for $3.74 billion contributed to the 11% drop in JD stock. Powered by Capital Market - Live

The key equity indices traded sideways in early afternoon trade. The Nifty traded above the 24,700 level after hitting day's low of 24,654.50 in early trade. Consumer Durables shares witnessed buying demand for the eighth consecutive trading session. At 12:30 IST, the barometer index, the S&P BSE Sensex, shed 15.10 points or 0.02% to 80,791.24. The Nifty 50 index added 30.20 points or 0.12% to 24,729.05. The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.30% and the S&P BSE Small-Cap index rose 0.80%. The market breadth was strong. On the BSE, 2,493 shares rose and 1,269 shares fell. A total of 126 shares were unchanged. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.70% to 13.59. The Nifty 29 August 2024 futures were trading at 24,760, at a premium of 30.95 points as compared with the spot at 24,729.05. The Nifty option chain for the 29 August 2024 expiry showed maximum Call OI of 42.4 lakh contracts at the 25,000 strike price. Maximum Put OI of 44.8 lakh contracts were seen at 24,500 strike price. Buzzing Index: The Nifty Consumer Durables index gained 1.25% to 40,511.95. The index rallied 6.43% in eight consecutive trading sessions. Crompton Greaves Consumer Electricals (up 2.82%), Titan Company (up 2.31%), Cera Sanitaryware (up 0.85%), Whirlpool of India (up 0.77%), Rajesh Exports (up 0.73%), Voltas (up 0.65%), Dixon Technologies (India) (up 0.56%), V-Guard Industries (up 0.41%), Havells India (up 0.2%) and Kajaria Ceramics (up 0.17%) advanced. On the other hand, Amber Enterprises India (down 1.29%), Blue Star (down 0.89%) and Kalyan Jewellers India (down 0.68%) edged lower. Stocks in Spotlight : Larsen & Toubro rose 0.86%. The EPC major announced that it has secured a large order for its Transportation Infrastructure Business for the integrated infrastructure development project in Navi Mumbai. RateGain Travel Technologies added 0.59%. The company said that it has been selected by Thai International Public Company (Thai Airways) for a multi-year partnership with the company's dedicated platform for Airlines, AirGain. Hindustan Zinc rose 0.24%, The company announced that it has received a GST demand notice amounting to Rs 26.12 crore from the Office of the Commissioner of Central Excise & CGST Commissionerate.Powered by Capital Market - Live

The Transportation Infrastructure vertical of L&T has secured an order for Integrated Infrastructure Development project in Town Planning Schemes 2 to 7 under the Navi Mumbai Airport Influence Notified Area (NAINA) Project in Maharashtra. According to the company's project classification, the order is valued between Rs 2,500 crore to Rs 5,000 crore. The project has been awarded by City and Industrial Development Corporation Limited (CIDCO) for integrated infrastructure development of 60m & 45m wide roads, construction of various major & minor structures and allied electrical works. The project will have 4 approach roads of 13.28 Km having major structures (09 Nos) including 3 Iconic steel bridges over Kalundre river and Mumbai-Pune Expressway, minor bridges (12 Nos), underpasses (27 Nos) and approaches to structures. The project also involves the construction of utility works and allied electrical works.Powered by Capital Market - Live

As per Larsen & Toubro's (L&T) classification, the value of the 'large' contract lies between Rs 2,500 crore and Rs 5,000 crore. The order involves integrated infrastructure development project in Town Planning Schemes 2 to 7 under the Navi Mumbai Airport Influence Notified Area (NAINA) project in Maharashtra. The project has been awarded by City and Industrial Development Corporation (CIDCO) for integrated infrastructure development of 60m & 45m wide roads, construction of various major & minor structures and allied electrical works. The project will have 4 approach roads of 13.28 km having major structures (09 Nos) including 3 steel bridges over Kalundre river and Mumbai-Pune Expressway, minor bridges (12 Nos), underpasses (27 Nos) and approaches to structures. The project also involves the construction of utility works and allied electrical works, it added. Meanwhile, L&T informed that the Bombay High Court has quashed and set aside the show-cause notice and Rs 2,237-crore demand issued by the GST authorities. 'The company had filed a Writ Petition in the Bombay High Court against the show cause notice issued by the Principal Commissioner of GST and Service Tax, Mumbai towards Service tax demand of Rs 2,237 crore, on an erstwhile subsidiary, in respect of Tax already paid by the Company with respect to certain transactions undertaken post demerger,' L&T stated in the press release. Larsen & Toubro (L&T) is an Indian multinational engaged in EPC Projects, hi-tech manufacturing and services. It operates in over 50 countries worldwide. A strong, customer'focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades. The EPC major's consolidated net profit rose 11.74% to Rs 2,785.72 crore on 15.12% increase in revenue from operations to Rs 55,119.82 crore in Q1 FY25 over Q1 FY24. Shares of Larsen & Toubro rose 0.74% to Rs 3,600.65 on the BSE. Powered by Capital Market - Live

Larsen & Toubro International FZE (LTIFZE), a wholly owned step-down subsidiary of the Company, has entered into a Share Purchase Agreement with The Wave Development SPC (Wave) on 14 August 2024, for purchase of additional 15% stake in Larsen & Toubro (Oman) LLC (L&T Oman), an existing Joint Venture between LTIFZE and Wave. Post completion of the acquisition, LTIFZE shall hold 80% equity stake in L&T Oman.Powered by Capital Market - Live