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At the India AI Summit, Larsen & Toubro (L&T) today announced a proposed venture under the India AI Mission to build sovereign, scalable GW-scale NVIDIA AI factory infrastructure to reinforce India's position as a global AI powerhouse.
This partnership is aimed at India's enterprises, policymakers, industry leaders, global off takers, and analysts seeking production-grade AI capacity anchored in India's digital and industrial transformation.
It integrates L&T's engineering, infrastructure development, and execution with NVIDIA AI infrastructure including NVIDIA GPUs, CPUs, Networking, NVIDIA-accelerated storage platforms from leading providers, the NVIDIA AI Enterprise software stack, and reference architectures to enable rapid, secure AI adoption. It will deploy AI-ready datacenter infrastructure, advanced computing platforms, and ecosystem enablement required to support large-scale AI workloads across priority sectors.
In alignment with the IndiaAI Mission, this venture will support the creation of sovereign AI infrastructure that allows critical data, models, and AI workloads to be built, trained, and deployed within India, while remaining interoperable with global ecosystems. This sovereign by-design fabric is intended to serve domestic requirements, global hyperscalers, cloud providers, and enterprises looking to deploy large-scale AI capacity from India as a strategic hub.
The venture plans to develop gigawatt-scale AI data center factory, providing AI-ready capacity for high-density, next-generation workloads so customers can expand in India efficiently and sustainably.
The venture will scale NVIDIA GPU cluster deployment at its Chennai DC up to 30 MW capacity in its 300 acres Gigawatt scalable campus & at the new 40 MW Datacenter in Mumbai currently under execution.
NPL is a wholly owned subsidiary of LTPDL, and the transaction is subject to requisite regulatory approvals and customary closing conditions. NPL owns and operates a 1,400 MW (2 X 700 MW) supercritical coal-fired thermal power plant at Rajpura in Patiala district, Punjab.
NPL is a fully contracted thermal power asset with revenue of Rs 4,866 crore and Adjusted EBITDA of Rs 1,153 crore in FY 2025. The supercritical plant, built on advanced Japanese technology, maintains sustained availability levels above 90%. Strategically located in a power-deficit region, the plant also supports potential ancillary revenue streams. Furthermore, existing infrastructure allows for seamless expansion of capacity, supporting future growth opportunities.
Upon completion of the acquisition, Torrent's operational capacity will increase from ~5 GW to 6.4 GW. In addition, Torrent will gain NPL's institutional expertise and decade-long technical capabilities, developed through exceptional implementation and operational excellence. This acquisition creates valuable synergies that will strengthen Torrent's greenfield thermal power development strategy.
The order relates to Phase I of the improvement of Latifa Bint Hamdan Street, awarded by UAE authorities. The project involves upgrading the existing corridor from Emirates Road (E611) to Sheikh Mohammed Bin Zayed Road (E311) by widening the current two-lane dual carriageway into a four-lane dual carriageway in each direction to improve traffic capacity and flow.
The scope also includes construction of a major structural interchange at E311 to enable seamless traffic movement in all directions, extension of the corridor with a new four-lane dual carriageway, and a dedicated interchange to facilitate U-turns and improve access to adjoining developments. The project is scheduled for completion within 36 months.
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services, operating across multiple geographies.
On a consolidated basis, L&T's net profit declined 4.27% year-on-year to Rs 3,215.11 crore in Q3 FY26, even as revenue from operations rose 10.48% to Rs 71,449.70 crore in Q3 FY26.
The Transportation Infrastructure business vertical of L&T has secured a significant contract for the improvement of Latifa Bint Hamdan Street in Dubai, UAE. The order pertains to the Phase-1 of the road development initiative undertaken by the UAE authorities. As per the company's project classification, the value of the order ranges between Rs 1,000 crore to Rs 2,500 crore.
The scope of the project includes upgrading the existing road corridor stretching from Emirates Road (E611) to Sheikh Mohammed Bin Zayed Road (E311). The work involves widening the current two‑lane dual carriageway into a four‑lane dual carriageway in each direction to enhance network capacity and ease traffic flow.
A significant feature of the project will be the construction of a major structural interchange at E311, designed to enable seamless traffic movement across all directions.
Beyond the interchange, the corridor will be extended with a new four‑lane dual carriageway along Latifa Bint Hamdan Street. The development also includes a dedicated interchange to facilitate U‑turn movements and provide improved access to developments located on both sides of the corridor. The project is scheduled to be completed in 36 months.
Investors are also awaiting quarterly results from ITC, Tata Motors, and Vedanta, due later today, along with the upcoming Union Budget 2026 scheduled for February 1, 2026. Meanwhile, the Nifty traded below the 25,300 level.
Consumer durables shares declined after advancing in the past trading session.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 238.75 points or 0.29% to 82,108.31. The Nifty 50 index fell 74.70 points or 0.30% to 25,267.90.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 0.42% and the S&P BSE Small-Cap index fell 0.71%.
The market breadth was weak. On the BSE, 1,425 shares rose and 2,478 shares fell. A total of 185 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.09% to 13.67.
Economy:
India’s industrial production rose to a 26-month high of 7.8% in December, up from 7.2% in November, according to data released by the government on January 28. The sharp pickup was driven by a broad-based acceleration across manufacturing, capital goods and infrastructure-linked segments, signalling resilient momentum at the end of the calendar year.
Buzzing Index:
The Nifty Consumer Durables index declined 1.74% to 33,575.45. The index advanced 0.64% in the past trading session.
Titan Company (down 2.54%), Centruyply (down 2.28%), Amber Enterprises (down 2.15%), Voltas(down 2.03%), PG Electroplast (down 1.40%), Crompton Greaves Consumer Electricals (down 1.55%) declined.
Stocks in Spotlight:
Larsen & Toubro added 3.54% after the company reported a 17.78% jump in standalone net profit to Rs 2,832.08 crore on 8.34% increase in revenue from operations to Rs 37,902.84 crore in Q3 FY26 over Q3 FY25.
Sagility fell 2.79%. The company reported a 23.4% increase in consolidated net profit to Rs 267.66 crore on a 35.7% rise in revenue from operations to Rs 1,971.15 crore in Q3 FY26 over Q3 FY25.
Global Markets:
Asia market mostly traded lower on Thursday after the U.S. Federal Reserve overnight kept its benchmark rate steady at a target range of 3.5% to 3.75%.
Investors will be keeping an eye on developments in Indonesia after the benchmark Jakarta Composite plunged over 8% on Wednesday after index provider MSCI had issued a statement warning of a potential downgrade of the country to frontier-market status.
Meanwhile, Singapore’s central bank left its monetary policy unchanged Thursday, while warning of upside risks to inflation and demand as the city-state’s economic outlook stays resilient. The country’s benchmark Straits Times Index inched 0.19% higher.
Overnight in the U.S., the S&P 500 reached a milestone level, hitting 7,000 for the first time, before pulling back as the Federal Reserve left interest rates unchanged and upped its economic growth assessment.
The broad market index ended the day down 0.01% at 6,978.03. Earlier, the S&P 500 was up 0.3% on the day, hitting an all-time intraday high of 7,002.28.
The Dow Jones Industrial Average added 0.02% to close at 49,015.60. The Nasdaq Composite outperformed and gained 0.17%, settling at 23,857.45.
On a consolidated basis, the company’s net profit declined 4.27% year-on-year to Rs 3,215.11 crore in Q3 FY26, even as revenue from operations rose 10.48% to Rs 71,449.70 crore in Q3 FY26, compared with Rs 64,667.78 Q3 FY25.
The company’s consolidated PAT for the quarter includes a one-time Rs 1,191-crore provision (net of tax and non-controlling interest) for employee benefits under the new labour codes, classified as an exceptional item.
The company’s revenue growth was driven by consistent execution across the company’s Projects & Manufacturing (P&M) businesses.
Profit before tax (PBT) jumped 34.27% YoY to Rs 7,160.98 crore in Q3 December 2025.
EBITDA stood at Rs 7,417 crore in Q3 FY26, registering the growth of 19% compared with Rs 6,255 crore in Q3 FY25. EBITDA margin stood at 10.4% in Q3 FY26 as against 9.7% in Q3 FY25.
Larsen & Toubro (L&T) secured orders worth Rs 1,35,581 crore in Q3 FY26, up 17% year-on-year. The order inflow spanned multiple geographies and sectors, including Thermal Power, Hydrocarbons, Renewable Infrastructure, Transmission & Distribution, and Roads & Runways. International orders accounted for Rs 66,848 crore, contributing 49% of the total inflow.
As of 31 December 2025, the Group’s consolidated order book reached Rs 7,33,161 crore, up 30% from December 2024, with international orders contributing 49% of the total.
In Q3 FY26, Larsen & Toubro reported strong order inflows and mixed revenue performance across its businesses.
The Infrastructure Projects segment recorded orders of Rs 61,876 crore (up 26% YoY) with an order book of Rs 4,24,937 crore, and revenues of Rs 33,700 crore (up 5%), supported by international project execution; EBITDA margin improved to 6.1%.
Energy Projects secured Rs 46,049 crore in orders (Rs 19% YoY) with an order book of Rs 2,47,861 crore, revenues grew 15% to Rs 12,726 crore, while EBITDA margin declined to 5.9% due to early-stage execution and cost pressures.
Hi-Tech Manufacturing posted Rs 2,168 crore in orders (down 74% YoY) and revenues of Rs 3,267 crore (Rs 34%), with EBITDA stable at 18.3%.
IT & Technology Services delivered Rs 13,526 crore in revenues (up 12%) with EBITDA at 19.7%, largely driven by international billing.
Financial Services reported revenues of Rs 4,477 crore (up 15%) and PBT of Rs 1,021 crore, while Development Projects saw revenues decline 19% to Rs 1,160 crore but EBIT rose to Rs 159 crore.
The Others segment grew 55% YoY to Rs 2,594 crore, with EBITDA rising to 32.8%, led by Realty business handovers.
On its outlook, the company stated that the Indian economy continues to show resilience, with Q2 GDP growth at 8.2% driven by manufacturing and services. With the RBI’s repo rate cut to 5.25% and easing inflation, FY26 GDP growth is expected around 7.4%. The Union Budget 2026–27 is likely to boost spending on technology, defence, and urban development, while private-sector capital expansion in 2025 provides a strong foundation for sustained growth.
Globally, GDP is projected to grow around 3% in 2026. Key markets for the company, including the GCC region, are expected to see robust investments in AI, data centers, and urban infrastructure. The company said it is well-positioned to capitalize on opportunities through geographical expansion, efficient execution across Projects & Manufacturing, cost and cash flow management, and strengthened services businesses, aiming to enhance stakeholder returns.
S. N. Subrahmanyan, chairman and managing director (MD), said, “the company posted its highest-ever quarterly order inflow, with the Projects & Manufacturing portfolio exceeding Rs 1 lakh crore for the first time, taking the overall order book past Rs 7 lakh crore. He attributed the growth to sustainable execution, cutting-edge technology, and integration of ESG principles. Looking ahead, he expressed optimism about continued pro-growth momentum, supported by capital expenditure, policy incentives for domestic manufacturing, and the expansion of India’s digital and AI ecosystem, while reaffirming the company’s focus on technology-led growth and long-term stakeholder value.”
Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services.
The Heavy Civil Infrastructure business vertical of Larsen & Toubro(L&T) has won a contract from the Royal Commission of Riyadh City in Saudi Arabia for works pertaining to the extension of the Riyadh Metro. The order is a part of an ultra-mega project won by a consortium of Webuild S.p.A, L&T, Nesma & Partners Contracting, Alstom and IDOM. According to the company's project classification, the order is valued between Rs 5,000 crore to Rs 10,000 crore.
The order pertains to the extension of Red Line of Riyadh Metro Network. The scope of work includes design and turnkey construction of 8.4 km long metro line comprising both elevated and underground sections, and five stations.
L&T has a proven capability in constructing fast and reliable mass transit systems across the globe, and this latest order stands as a testament to the trust customers place in the company.