Larsen & Toubro has entered into a definitive agreement on 16th August 2017 for the divestment of its entire stake in L&T Cutting Tools Limited, a wholly-owned subsidiary, with IMC International Metalworking Companies B.V, a company owned by Berkshire Hathaway Inc.

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Larsen & Toubro announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 22 August 2017.

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Larsen & Toubro announced that the Company has bagged a Rs 3375 crore order from Metro Express which is owned by the Government of Mauritius to design and build an integrated light rail-based urban transit system in the African island nation.

The project has been won against competition and will be fully funded through a Government of India grant and line of credit.

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The result was announced after market hours on Friday, 28 July 2017.

Meanwhile, the S&P BSE Sensex was up 137.60 points, or 0.43% to 32,447.48.

On the BSE, 81,000 shares were traded in the counter so far, compared with average daily volumes of 5.97 lakh shares in the past one quarter. The stock had hit a high of Rs 1,202.80 and a low of Rs 1,182 so far during the day. The stock hit a 52-week high of Rs 1,223.28 on 30 May 2017. The stock hit a 52-week low of Rs 863.97 on 9 November 2016.

The stock had underperformed the market over the past one month till 28 July 2017, rising 2.13% compared with 4.71% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 0.54% as against Sensex's 7.99% rise. The scrip had also underperformed the market in past one year, rising 11.59% as against Sensex's 15.18% rise.

The large-cap company has equity capital of Rs 280.06 crore. Face value per share is Rs 2.

On a consolidated basis, L&T's net profit rose 50.60% to Rs 1028.30 crore on 9.59% rise in net sales to Rs 23810.86 crore in Q1 June 2017 over Q1 June 2016.

L&T won new orders worth Rs 26352 crore at consolidated level in Q1 June 2017 in a challenging business environment. International orders at Rs 7885 crore, constituted 30% of the total order inflow. Major orders during the quarter were secured by infrastructure segment. Consolidated order book of the group stood at Rs 262860 crore as on 30 June 2017, marginally higher by 2% on a year on year basis. International order book constituted 26% of the total order book.

L&T said that prospects of a good monsoon, rural wage growth, pay hike for state government employees, lower lending rates and a modest pick-up in external demand are expected to catalyse GDP growth. The company said its focus continues to be on selective order intake, working capital reduction, cost optimization through strengthening execution operational efficiencies and productivity enhancement through digitalization and other initiatives. The company is optimistic of its growth aspirations in the medium term as the economic outlook improves.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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