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The region is a key market for the company, accounting for 37% of its Rs 7.33 lakh crore order book and 33% of order inflows in 9MFY26.
Analysts warned that L&T could face execution disruptions in its Middle East projects, while a potential slowdown in the UAE real estate market may intensify competition.
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.
All the sectoral indices on the NSE were traded in red while auto, realty and oil & gas stocks emerging top laggards.
At 13:25 IST, the barometer index, the S&P BSE Sensex tanked 1595.65 points or 1.97% to 79,690.25. The Nifty 50 index tumbled 497.10 points or 1.97% to 24,680.20.
The broader market underperformed the frontline indices. The BSE 150 MidCap Index slumped 2.24% and the BSE 250 SmallCap Index tumbled 2.70%.
The market breadth was weak. On the BSE, 579 shares rose and 3,651 shares fell. A total of 183 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, sizzled 24.11% to 17.01.
Gainers & Losers:
Bharat Electronics Limited (BEL) (up 1.01%), Oil and Natural Gas Corporation of India (ONGC) (up 0.80%), Sun Pharmaceutical Industries (up 0.63%), Bharti Airtel (up 0.16%) and Hindalco Industries (up 0.10%) were the major Nifty50 gainers.
Larsen & Toubro (down 6.67%), Indigo Paints (down 5.90%), Adani Ports and Special Economic Zone (APSEZ) (down 5.52%), Jio Financial Services (down 4.13%) and Asian Paints (down 3.71%) were the major Nifty50 losers.
Stocks in Spotlight:
KVS Castings rallied 6.43% after the company announced the commencement of commercial operations at its new manufacturing facility, Unit-2, from 2 March 2026.
Zydus Lifesciences fell 2.46%. The company has received final approval from the United States Food and Drug Administration (USFDA) for Ivermectin Tablets USP, 3 mg, and Dapsone Tablets USP, 25 mg and 100 mg.
Bharat Coking Coal (BCCL) dropped 3.36% after the company’s coking coal production fell 1.6% to 3.26 million tonnes in February 2026 compared with 3.31 million tonnes in February 2025.
Paras Defence and Space Technologies rallied 8.65% after the company announced the incorporation of a new subsidiary, Paras Semiconductors.
Monthly Auto Sales:
Hyundai Motor India fell 1.44%. The company has recorded total sales of 66,134 units in February 2026, thereby registering a year-on-year growth of 12.6%. While domestic sales rose by 9.8% YoY to 52,407 units, exports increased by 24.8% to 13,727 units in February 2026.
Tata Motors Passenger Vehicles slipped 3.55%. The company has recorded total sales of 63,331 units in February 2026, registering a robust 35% YoY growth over 46,811 units in sold February 2025. Total electric vehicle (EV) sales rose 57% to 8,385 units in February 2026 from 5,343 units in the corresponding month last year, significantly outpacing the 35% growth recorded in overall passenger vehicle (PV) volumes.
Eicher Motors dropped 2.92%. The company’s unlisted subsidiary, VE Commercial Vehicles (VECV), reported a 23.4% year-on-year jump in commercial vehicle (CV) sales to 9,986 units in February 2026.
Ashok Leyland slumped 1.61%. The company reported a 24% jump in total sales (domestic & exports) to 22,157 units in February 2026, compared with 17,903 units sold in February 2025.
Bajaj Auto fell 2.96%. The company reported 27% increase in total auto sales for February 2026, selling 4.48 lakh units as against 3.52 lakh units sold in February 2025.
Escorts Kubota tumbled 4.04%. The company’s agri-machinery business division sales grew by 20.4% to 10,339 units in February 2026 as against 8,590 units sold in February 2025.
TVS Motor Company shed 2.24%. The company registered sales of 529,308 units in February 2026, which is 31% higher as compared with the 403,976 units sold in February 2025.
Hero MotoCorp declined 3.14%. The company has recorded a 44% year-on-year (YoY) rise in total two-wheeler dispatches in February 2026, selling 558,216 units during the month as compared with 388,068 units in February 2025.
US-IRAN Conflict:
The United States and Israel have launched major coordinated military strikes on Iran, marking a significant escalation in long-running Middle East tensions. On 1 March 2026, Iran launches missile and drone strikes on U.S. bases across six Middle Eastern countries amid escalating military tensions.
Iran’s Supreme Leader Ayatollah Ali Khamenei was reportedly killed in the attacks, escalating tensions further. Iran named Ayatollah Alireza Arafi to its interim leadership council, which will be at the helm of the country following the killing of supreme leader Ayatollah Ali Khamenei, on Sunday.
Global Markets:
European and Asian markets traded lower on Monday after the United States and Israel launch their most ambitious attacks on Iran in decades, killing Supreme Leader Ayatollah Ali Khamenei.
U.S. and Israeli strikes, and the Iranian retaliation, have sent shockwaves across the Middle East and through sectors from shipping to air travel to oil on warnings of rising energy costs and disruption to business in the Gulf, a strategic waterway and global trade hub.
Most Gulf equities fell on Sunday, though Boursa Kuwait suspended trading and the UAE ordered its stock markets closed on Monday, a sign of the growing economic disruption sweeping the Gulf.
Oil futures initially jumped 8% before trimming gains to about 4%. West Texas Intermediate futures last traded at $69.68, while Brent crude was at $76.13 per barrel. Gold futures jumped 2.3% as investors piled into the global safe haven.
Stock futures tumbled in overnight trading after the weekend strikes in Iran. Futures on the Dow Jones Industrial Average dropped 517 points, or 1%. S&P 500 futures lost 1%, and Nasdaq 100 futures declined a little more than 1%.
On Friday, stocks saw a sharp sell-off after the latest producer price index data came in much hotter than expected, adding sticky inflation to a list of concerns that has caused market turbulence this month.
The Dow Jones Industrial Average dropped 521.28 points, or 1.05%, to close at 48,977.92. The S&P 500 closed down 0.43% at 6,878.88, while the Nasdaq Composite lost 0.92% to settle at 22,668.21.
The S&P 500 and Nasdaq finished in the red for February amid growing fears about the impact of artificial intelligence on specific industries and the overall economy.
Fueling the downbeat sentiment, January’s producer price index, a measure of wholesale inflation, showed a 0.5% increase for the month. Media reports had suggested that the headline reading could come in at 0.3%. The core PPI reading, which excludes food and energy prices, recorded a 0.8% gain, much more than the 0.3% rise that was widely reported in the media.
In the cash market, the Nifty 50 index dropped 312.95 points or 1.24% to 24,865.70.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was up 25.01% to 17.13.
HDFC Bank, Larsen & Toubro (L&T) and Reliance Industries were the top-traded individual stock futures contracts in the F&O segment of the NSE.
The March 2026 F&O contracts will expire on 30 March 2026.
The Power Transmission & Distribution (PT&D) vertical of Larsen & Toubro has secured a batch of EPC orders to establish electricity grid system elements in India and abroad. According to the company's project classification, the value of the orders ranges between Rs 5,000 crore to Rs 10,000 crore.
In India, PT&D has received order for design, supply and construction of two 220 kV Gas Insulated Substations in the Durgapur–Raniganj–Asansol industrial belt of West Bengal. The scope also includes associated transmission line segments with advanced conductors and multi-circuit towers. These grid modernisation jobs will provide a stable voltage profile and enhance reliability of power networks for infrastructure and industrial projects in the region.
In the Middle East, PT&D has won orders from key utilities for the turnkey construction of five substations and over 250 KM transmission lines. Located in three different countries in the region, these projects are up to 500 kV level. In one of the projects, the scope also involves supplying and installing a 400 kV underground cable system.
In view of surging demand, shifting nature of energy mix and security driven initiatives, grid investments have become high-stake, high-tech priority areas for economic forerunners. These orders reflect the unflinching customer trust on L&T for safe, flawless, sustainable and timely creation of grid backbone.
The order has been classified as 'major,' indicating a value in the range of Rs 5,000 crore to Rs 10,000 crore.
In India, the PT&D arm has bagged an order for the design, supply and construction of two 220 kV Gas Insulated Substations in the Durgapur–Raniganj–Asansol industrial belt of West Bengal. The scope includes associated transmission line segments featuring advanced conductors and multi-circuit towers. These grid modernisation projects are aimed at ensuring a stable voltage profile and enhancing the reliability of power networks supporting infrastructure and industrial growth in the region.
In the Middle East, the business vertical has won turnkey orders from key utilities for the construction of five substations and over 250 km of transmission lines across three countries. The projects involve systems of up to 500 kV. One of the contracts also includes the supply and installation of a 400 kV underground cable system.
The company said that amid rising power demand, evolving energy mix and security-driven initiatives, grid investments have emerged as high-priority areas globally. The latest wins underscore continued customer confidence in L&T’s capabilities to deliver large-scale grid infrastructure projects in a safe, sustainable and timely manner.
Two business verticals of Larsen & Toubro – the Heavy Civil Infrastructure (HCI) and Heavy Engineering (HE) – have jointly won a significant order from the Department of Atomic Energy of Government of India, for establishing the LIGO India Observatory. The Observatory will come up at Aundha in Maharashtra's Hingoli district. According to the company's project classification, the value of the order ranges between Rs 1,000 crore to Rs 2,500 crore.
LIGO (Laser Interferometer Gravitational Wave Observatory) is used for detection of gravitational waves caused by cataclysmic cosmic events through multikilometer-scale wave detectors using laser interferometry.
The initiative will be one of India's flagship ‘Mega Science' projects, developed through a collaboration between premier Indian research institutions — including RRCAT and IPR — and the LIGO Laboratory of the United States, with support from Caltech and MIT.
L&T's project scope encompasses comprehensive engineering, procurement and construction of vibration sensitive specialised high-precision civil infrastructure, along with the manufacture and installation of ultra-high vacuum compatible 8 KM beam tube and critical equipment for vacuum infrastructure.
Integration of mechanical, electrical, HVAC, fire protection, vacuum control, monitoring system and all support utilities are also in L&T's scope. The project completion deadline is 48 months.
This prestigious order reinforces L&T's strong track record and proven expertise in delivering complex projects in the field of science and technology.
The project involves engineering, procurement, and construction of vibration-sensitive, high-precision civil infrastructure, along with manufacturing and installation of an ultra-high vacuum-compatible 8-km beam tube and critical vacuum equipment. The scope also includes integration of mechanical, electrical, HVAC, fire protection, vacuum control, and monitoring systems, along with support utilities.
The LIGO (Laser Interferometer Gravitational Wave Observatory) facility will be developed at Aundha in Hingoli district, Maharashtra, with a completion timeline of 48 months.
Shares of Larsen & Toubro fell 3.33% to Rs 4,270 on the BSE.
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.