News Tonight

Leading engineering conglomerate Larsen & Turbo (L&T) has decided to make an investment of around Rs 85,000 crore in the state of Orissa.

The company said that the said amount will be invested in aluminium, power and steel segments.

At the sideline of ASSOCHAM's investors meet, L&T's president Sailendra Roy stated, "We have already given proposals to the state government. The company will proceed as soon as the state government clears the proposals."

Mr. Roy said that out of the said amount, around Rs 30,000 crore would be spent to establish an aluminium facility.

The said plant would be set up in affiliation with Dubai based Dubal.

In addition, L&T was also eyeing to establish two thermal power stations with a capacitance of 2,000 mega watts each.

One of the company's power station would be established at Dhamra in Bhadrak region, whereas the site for another power station is not decided yet.

Mr. Roy added that a plan to set up steel plant was also forwarded to the state administration.

Moreover, Larsen & Toubro has pocketed deals worth Rs 1,610 crore from clients comprising Tata Steel and Indiabulls Power since the month of April.

As per reports, L&T's Metallurgical and Material Handling Independent Company bagged the said orders.

On June 24, the stock of the company closed at Rs 1739 after surging 4% on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 2212 and a low of Rs 1484.70 on BSE.

Current EPS & P/E ratio stood at 59.54 and 29.21 respectively.