As a strategic breakthrough in the ASEAN market, the company has received order from Tenaga Nasional Berhad (TNB) for the design, manufacture, supply, installation, testing and commissioning of a 500 kV double circuit transmission line in Malaysia. This is one of the three packages of the 500 kV overhead double circuit transmission line for TNB from Yong-Peng to Lenggeng in Peninsular Malaysia which will be critical for evacuating power from the power plants in the Johor state.

“L&T has written to the government that it no longer intends to pursue the port project in Gujarat due to environmental reasons. L&T had appointed the Gujarat Ecology Commission to carry out environmental studies and found that the place was full of corals and mangroves. As a result they want to exit,” said an official of the Gujarat Maritime Board (GMB), the state regulator of ports and maritime activities.

In September 2014, the capital markets regulator had allowed firms to launch real estate investment trusts (REITs) and InvITs to help cash-strapped developers get easier access to funds while creating a new investment avenue for institutions and wealthy individuals. However, infrastructure companies have been slow to respond as they sought a relaxation in rules and clarity on taxation.

The L&T group’s financial services arm expects to complete the process this financial year.

Kakal’s exit comes at a time when the privately-held technology arm of Larsen and Toubro is looking to build a team of senior executives before it goes public next year.

Jalona will operate out of L&T Infotech's office in New Jersey, USA.

Naik said L&T intends to unlock value of its information technology (IT) and technology services business.

India which deferred the talks with the European Union on the proposed free trade agreement expressing disappointment and concern over the EU banning sale of around 700 pharma products clinically tested by GVK Biosciences also aided sentiment.

Under the project, a hot strip mill with production capacity of 3 million tonne per annum will be constructed at SAIL’s Rourkela steel plant in Orissa.

Consolidated net sales grew 6.7% to Rs 20,250 crore, which was in line with estimates. Of this, Rs 6,609 crore came from jobs being executed overseas, constituting 32% of the total revenues.