Rushh

L&T, engineering & construction behemoth, has reported impressive performance for Q3 FY 2008. Net Sales soared up by 55.1% to Rs. 6382.68 crore, buoyed by sizeable capital investment programs and encouraging success achieved in bagging new orders. Share of revenue from international operations constituted 18% of turnover. L&T aims to boost this share to 30% over next few years. However, OPM% @ 10.8% was slightly under pressure due to rising cost structure. 250% jump in interest cost of Rs. 43.84 crore and 47.7% higher depreciation of Rs. 52.7 crore restricted growth in PBT of Rs. 694.62 crore at 34.5%. Nevertheless, lower average tax rate of 30.6% (33.4) lifted PAT up by 40.1% to Rs. 481.79 crore.

For 9 months ending December 2007, Sales soared by 44% to Rs. 16609.5 crore. OPM% enhanced to 10.4%. Thus, efficient execution of large size orders, and improved cost management led to healthy 71.8% spurt in PAT at Rs. 1206.66 crore. Order Inflow at Rs. 30,045 crore grew by > 31%.

L&T is India’s premier engineering and construction (E&C) conglomerate providing it exposure to entire capex cycle in infrastructure and industrial projects. Its dominance in domestic E&C emanates from its strong brand equity, established track record and ability to cater to widest range of segments incl. infrastructure, power, oil & gas, roads, ports and irrigation. It is the only Indian company to offer turnkey EPC services in civil, mechanical, electrical, and instrumentation. It has highly diversified revenue base across products and geographies.  Company has entered into joint ventures with leading global players to offer EPC services in segments such as power plants (Sargent & Lundy), hydrocarbon (Chiyoda), and barges / sub-sea pipe laying (Sapura Crest Petroleum).

The market rumors have now become true. Reliance Power IPO is all set to come out soon. According to sources Reliance Energy is planning to take out an IPO for its subsidiary company - Reliance Power. The merchant bankers who will take care of further proceedings will be Enam, JM Financial, JP Morgand and a couple others.

Reliance Power is gunning for the IPO to fund its mega project which needs to be completed soon. The Sasan project is estimated to cost around Rs. 20,000 crore. The company is looking forward to bid for the 4000 megawatt Krishnapatnam project.

The Reliance Power IPO is expected to be of a huge size much bigger than DLF and ICICI. The company plans to raise over 11,000 crores from this.

Tags: Stock Market

BGR Energy Systems plans to offer shares to the public (close to 134 lakh shares) totaling about 18.7 per cent of the equity including a new issue of 72 lakh shares (10%) and offloading of 62.56 lakh shares (8.77%) held by the promoters.

The company has filed with SEBI for the IPO and is scheduled to be approved by next month.

Edelweiss Capital Limited has filed for the IPO and is going to offer close to 80.30 lakh equity shares with face value of rupees 5 to the public at a premium decided through the book building process.

This is due to be a good IPO and everyone is going to recommend subscribing for it.