LT

May 22 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LTM OFFERS TO ACQUIRE RANDSTAD’S TECHNOLOGY AND CONSULTING SERVICES BUSINESS IN EUROPE AND AUSTRALIA

• PROPOSED TRANSACTION VALUES OPERATIONS TO BE ACQUIRED AT AN ENTERPRISE VALUE OF EUR 160 MILLION ON A CASH AND DEBT-FREE BASIS

Source for text: Here

Further company coverage: LART.NS

(Gdansk Newsroom)

((gdansk.newsroom@thomsonreuters.com; +48 587 785 110;))

May 14 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - PARTNERS FRANCE-BASED EXAIL FOR INDIAN NAVY'S UNMANNED MINE COUNTER MEASURE SUITE

• LARSEN AND TOUBRO - ENTERS STRATEGIC COLLABORATION WITH EXAIL FOR INDIAN NAVY MINE COUNTER-MEASURE SUITE

Source text: ID:nBSEbGQ3hd

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;;))

May 13 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - WINS SIGNIFICANT ORDERS FOR POWER TRANSMISSION DISTRIBUTION BUSINESS

• LARSEN AND TOUBRO - SIGNIFICANT ORDER CLASSIFICATION VALUE IS 10 BILLION RUPEES TO 25 BILLION RUPEES

Source text: ID:nBSE2YhFLR

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

May 8 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - SECURES SIGNIFICANT EPC ORDER FROM BCGCL FOR COAL-TO-AMMONIUM-NITRATE PROJECT IN ODISHA

• LARSEN AND TOUBRO - SIGNIFICANT ORDER INDICATES VALUE BETWEEN 10 BILLION RUPEES AND 25 BILLION RUPEES

Source text: ID:nNSE3dCQtF

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

May 7 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - CO'S BUILDINGS FACTORIES BUSINESS WINS MULTIPLE ORDERS ACROSS THREE INDIAN STATES

• LARSEN AND TOUBRO - ORDER CLASSIFIED AS LARGE, VALUED AT 25 BILLION RUPEES TO 50 BILLION RUPEES

Source text: ID:nBSE73scTd

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

Adds analyst comment in paragraph 6,8

May 6 (Reuters) - Shares of India's Larsen & Toubro LART.NS slid to a more than three-week low on Wednesday after the conglomerate posted a 3.1% drop in quarterly profit a day earlier and warned that the ongoing Middle East conflict would slow revenue growth this fiscal year.

Shares of L&T, seen as a barometer of India's infrastructure sector, fell as much as 3.8% to 3,900 rupees in early trade, after the company flagged on Tuesday that pressures from the Middle East conflict would build over the next two quarters.

The Middle East accounted for about 40% of L&T's $77.82 billion order backlog in the quarter ending March 31.

The stock has shed about 8.2% since the Iran war began on February 28, compared with a 4.2% drop in the broader Nifty 50 index .NSEI.

On Tuesday, the firm said it expects revenue to grow at a slightly slower pace of 10-12% for the current fiscal year.

Emkay Research cut its rating on the stock to "Add" from "Buy" and lowered the price target to 4,450 rupees from 4,800 rupees.

The brokerage said that despite strong order inflows and a robust backlog, L&T's results were impacted by weaker execution and margin pressures.

The firm said it aims to keep margins broadly stable at around the reported 8.3% for fiscal 2027 and expects an order book growth of 10-12%.

"Challenging geopolitical conditions may slow market share gains and new market expansion. While strong execution supports a long-term outlook, near-term growth and margin risks persist," analysts at HSBC Global Investment Research said.

($1 = 95.0912 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi Aich)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

May 5 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - LT ENERGY HYDROCARBON ONSHORE WINS LARGE ORDER FROM BCGCL FOR COAL-TO-AMMONIA-NITRATE PROJECT IN ODISHA

• LARSEN AND TOUBRO - ORDER VALUE BETWEEN 25 BILLION RUPEES TO 50 BILLION RUPEES

Source text: ID:nNSE8hCvSR

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

Updates with banker comment in paragraph 7; recasts throughout

By Dharamraj Dhutia and Khushi Malhotra

MUMBAI, April 30 (Reuters) - India's Torrent Power TOPO.NS is set to launch its largest-ever corporate bond issue to fund an acquisition, marking the first such bond sale of the current financial year, three merchant bankers told Reuters on Thursday.

The power producer plans to raise as much as 40 billion rupees ($421.8 million) through the sale of longer-tenor bonds, the bankers said, adding that the company is expected to tap the market in May, with discussions likely to conclude within the next week.

Proceeds from the sale will be used to fund Torrent Power's acquisition of Nabha Power, which was approved by India's competition regulator earlier this month, the bankers said.

In February, Torrent Power said it would buy the coal-fired power plant operator from Larsen & Toubro for about 69 billion rupees, including debt, as it steps up capacity in the region.

Bond issuance to fund acquisitions gathered pace in 2025 as companies sought to diversify funding sources away from banks.

The planned bond issue is expected to feature staggered redemptions, under which principal is repaid in multiple installments rather than as a lump sum at maturity.

The company may also issue three-year bonds to attract large mutual funds and lower the weighted average cost of borrowing, one of the bankers said.

"The company has also tied up with some mutual funds, so it is highly possible that they end up splitting the quantum in shorter as well as longer tenors," one of the bankers said.

The bonds are rated AA+ by Crisil and India Ratings.

In March, Torrent Power raised 20 billion rupees through staggered redemption bonds maturing in eight years, nine years and 10 year at an annual coupon of 7.97%.

Nabha Power operates a 1,400-megawatt coal-based plant in the northern state of Punjab and supplies all of its output to the state power corporation under a 25-year contract.

The acquisition will add to Torrent Power's recent push to scale up its thermal portfolio, as utilities turn to coal-based capacity to meet India's rising electricity demand.

The bankers requested anonymity as they are not authorised to speak to the media. Torrent Power did not immediately respond to a Reuters request for comment.

($1 = 94.8400 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Sumana Nandy)

((DharamrajLalit.Dhutia@thomsonreuters.com;))

April 29 (Reuters) - Larsen and Toubro Ltd LART.NS:

• DISPOSAL OF STAKE HELD BY COMPANY IN L&T METRO RAIL (HYDERABAD) LIMITED

• LARSEN AND TOUBRO - LARSEN AND TOUBRO TO SELL ENTIRE STAKE IN L&T METRO RAIL (HYDERABAD) FOR 14.61 BILLION RUPEES

Source text: ID:nBSE9rHdCV

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;;))

April 27 (Reuters) - Larsen and Toubro Ltd LART.NS:

• L&T REALTY EXPANDS DEVELOPMENT PORTFOLIO WITH NCR LAND ACQUISITION

Source text: ID:nnAZN4SSSI5

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;;))

The views expressed here are those of the author, the founder and CEO of Emmer Capital Partners Ltd

By Manishi Raychaudhuri

HONG KONG, April 27 (Reuters) - Asia has been the most vulnerable region in the Iran war given its heavy reliance on Middle East energy, but it could turn out to be a major winner from several long-term trends this conflict is likely to accelerate, including higher cybersecurity investment, the pivot away from fossil fuels and supply-chain diversification.

The region's energy-intensive economies - led by China, Japan, South Korea, and India — are highly dependent on Middle Eastern oil and gas. Around 80% of oil and 90% of gas that normally transit through the Strait of Hormuz are destined for Asian markets. The closure of the Strait for most vessels has thus led to sharp spikes in regional energy prices.

While China has been relatively insulated due to its massive stockpiles, the rest of the region has faced supply shortfalls, and in some countries, rationing.

Yet even though the crisis has laid bare Asia's energy vulnerabilities, it may simultaneously be accelerating several structural shifts that favour the region in the long term.

BUILDING THE ASIAN ARSENAL

The conflict is apt to accelerate the global push for more defense spending as well as Asia’s ongoing drive for greater defence self-sufficiency. The region’s world-class semiconductor and manufacturing supply chains may give Asian contractors a production edge that Western peers will struggle to match.

For example, Korean arms manufacturers – Hanwha Aerospace 012450.KS, LIG Defense & Aerospace 079550.KS, formerly LIG Nex1, and Hyundai Rotem 064350.KS - have commanded investor attention over the past year due to their strong earnings growth forecasts and large order backlogs.

Their market dominance could increase further, bolstered by growing penetration of European markets.

Both the Iran conflict and the Russia-Ukraine war have also underscored the efficacy and cost-effectiveness of "new" weaponry, especially drones. The global military drone market is expected to nearly double to $29 billion by 2030 from $15.3 billion in 2025, according to market research firm Technavio.

Technavio also forecasts similar growth for Asia's military drone market, which is led by state-backed Chinese aerospace giants. The region's manufacturers are apt to compete against U.S., Israeli, and Turkish rivals by leveraging their production scale, cost-effectiveness, and product range.

CHIPS, CYBER AND AI

Asia's cybersecurity ambitions sit at the heart of a broader global race, underpinned by rapid digital transformation, high threat exposure, government-led investment, and massive hardware manufacturing capacity supporting artificial intelligence-powered cyber defenses.

The World Economic Forum’s (WEF) January survey reveals that geopolitically motivated cyberattacks are the principal risk corporations perceive today.

Unsurprisingly, the WEF survey shows most companies view AI as the technology that will most significantly affect cybersecurity in the next 12 months.

AI already appears to be doing just that.

For example, Anthropic's Mythos - a model that is reportedly capable of identifying software vulnerabilities at scale - illustrates both the offensive potential and the defensive imperative.

The need to stay one step ahead in the AI arms race could push the U.S., Europe and others to seek to develop more of their own domestic manufacturing. Until then, the hunger for Korean and Taiwanese semiconductors looks set to remain insatiable.

THE ENERGY PIVOT

The energy shock created by the Iran war may encourage more nations to accelerate their push away from fossil fuels, expanding electric vehicles, energy storage and green energy overall.

China, with its commanding share of the EV battery market, stands to be a disproportionate winner. According to SNE Research data, Chinese manufacturers account for over 70% of global battery installations, followed by Korean companies at roughly 15%.

China also dominates intellectual property in the sector. Chinese firms held 18 of the top 20 rankings for patents in power battery systems in 2023, according to the China National Intellectual Property Administration. This means countries will likely be reliant on Chinese technological prowess as they seek to build up their low-carbon energy capabilities.

Nuclear energy is also back in focus as part of the response to the Middle East energy shock – particularly in Asia. South Korea is considering expanding its nuclear power capacity, and Taiwan is contemplating restarting two nuclear reactors. Meanwhile, Japan has signed a $40 billion reactor deal with the U.S. and a nuclear fuel recycling agreement with France.

This should create a strong tailwind for Asia’s nuclear power equipment manufacturers, with Korea’s Doosan Enerbility 034020.KS, China’s Shanghai Electric 601727.SS and Dongfang Electric 600875.SS, India’s Larsen and Toubro LART.NS and Japan’s Mitsubishi Heavy Industries 7011.T all potentially standing to benefit.

The current energy shock has also shown the danger of over-reliance on a single chokepoint. Diversification of supply routes is thus already moving from aspiration to operational necessity.

For example, there are renewed discussions about the India-Middle East-Europe Economic Corridor, a U.S.-backed rail and shipping project to link India to Europe, and Saudi Arabia is considering expanding its East-West oil pipeline, according to the Financial Times.

Several Asian companies with long experience and expertise in the Middle East – India’s Larsen and Toubro, PetroChina 601857.SS and Abu Dhabi-based NMDC NMDC.AD – could all potentially gain from this buildout.

Several hurdles remain. If the Strait of Hormuz remains closed for an extended period, it could trigger shortages of energy and industrial inputs, significantly denting Asia's manufacturing capability. Additionally, Western reshoring efforts, though gradual, could also dampen Asia's gains. Meanwhile, rising capital costs driven by inflationary expectations risk delaying both the green energy transition and defense projects.

The Middle East conflict will end at some point, but its impact on global policy direction will not.

(The views expressed here are those of Manishi Raychaudhuri, the founder and CEO of Emmer Capital Partners Ltd and the former head of Asia-Pacific Equity Research at BNP Paribas Securities.)

Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. Follow ROI on LinkedIn, and X.

And listen to the Morning Bid daily podcast on Apple, Spotify, or the Reuters app. Subscribe to hear Reuters journalists discuss the biggest news in markets and finance seven days a week.

(Writing by Manishi Raychaudhuri;
Editing by Marguerita Choy and Anna Szymanski)

((Marguerita.Choy@thomsonreuters.com))

April 24 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - ENTERS B2B INDUSTRIAL ELECTRONICS WITH MANUFACTURING IN TAMIL NADU

Source text: ID:nBSE7ZHKJw

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

April 23 (Reuters) - Larsen and Toubro Ltd LART.NS:

• WINS SIGNIFICANT ORDERS FOR BUILDINGS & FACTORIES BUSINESS

• SIGNIFICANT ORDER CLASSIFICATION VALUE IS 10 BILLION RUPEES TO 25 BILLION RUPEES

Source text: ID:nNSE13nTTP

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;;))

By Colleen Howe and Sethuraman N R

BEIJING/NEW DELHI, April 22 (Reuters) - In the rolling, wind-swept grasslands of Chifeng in northern China's Inner Mongolia, towering white wind turbines line hilltops like sentinels over a hydrogen industry Beijing is trying to prise away from coal.

They are part of a $2 billion project - the biggest of its kind - that harnesses renewable energy to run banks of electrolysers that produce the molecules needed for fertilizer, marine fuel and low-emission steelmaking.

India shares China's "green hydrogen" ambitions, but its commitments are even more concrete and aggressive. Backed by subsidies worth some $2.1 billion, New Delhi is targeting 5 million metric tons of green hydrogen annually by 2030 - five times the current size of the global market and about double what analysts estimate Chinese output will be by then.

The massive bets by the world's two most populous nations come at the same time that the West has quietly backed away from its ambitious green hydrogen goals from the start of this decade after cost constraints proved stickier than anticipated.

What China and India have in common - despite very different motives - is the power and political will to force a market into existence, by underwriting projects, steering demand and pushing costs down through scale.

India has drawn private capital by pairing subsidies with offtake guarantees from refineries, fertiliser plants and steelmakers, making projects bankable from the outset.

The motivation is energy security. Hydrogen in India is overwhelmingly derived from imported natural gas, whose supply has suffered a sequence of shocks from the Middle East, Ukraine and the pandemic.

For China - able to deploy state-owned giants or attract private firms with large-scale, planning-led industrial projects - the aim is to preserve its dominance in hydrogen as the industry shifts towards cleaner energy.

In its five-year plan announced in March, Beijing listed green hydrogen alongside quantum computing, brain-computer interfaces and AI-enabled robotics as a frontier industry - an elevation in status that signals more capital will flow its way.

CHINA: SPEED AND SCALE

China invested $3.7 billion in green hydrogen production last year, more than double U.S. levels, said Rystad Energy's head of hydrogen, Minh Khoi Le.

By 2031, China will have some 2.6 million tons per year online, representing $26 billion in investment, according to Rystad projections.

Much of 2025's outlay went into the Chifeng project, operated by Chinese wind turbine maker Envision Energy. It aims to sell green hydrogen and ammonia to markets in Asia, Europe, Latin America and the Middle East, and delivered its first green ammonia cargoes to South Korea's Lotte Fine Chemical in February.

"If we go back a year or two ago, China was not very visible on this situation of green hydrogen, and then two years later they have almost all the biggest projects in the world," said the International Energy Agency's hydrogen lead, Jose Bermudez.

China last year likely doubled its renewables-based hydrogen production capacity to 250,000 tons - more than half of the global total, and surpassing a 2022 target to produce 100,000 to 200,000 tons annually by 2025 - said Agora Energy China managing director Kevin Tu.

In Inner Mongolia and other places with high winds and strong sunlight, costs can fall to around $2 per kilogram for green hydrogen, close to parity with coal-based hydrogen, Tu said. On average, producing green hydrogen in China costs around $4 per kilogram, he said.

INDIA: AGGREGATING DOMESTIC DEMAND

India has brought the price of producing green hydrogen as low as 279 rupees (around $3) per kilogram, from around $5 in 2023, when the government launched the National Green Hydrogen Mission under the clean energy ministry.

Abhay Bakre, who heads the mission, told Reuters that the cost should drop to near $2 by 2032 as technology improves, processes become more efficient and more components are made domestically.

Projects will begin delivering "large quantities" of green hydrogen as soon as next year, he said, and "scale up very fast" to hit the target of 5 million tons by 2030.

Under the initiative, industrial heavyweights including Larsen & Toubro LART.NS, Bharat Petroleum Corp BPCL.NS, GAIL GAIL.NS and JSW Steel JSTL.NS produce about 8,000 tons of green hydrogen and its derivatives annually.

New Delhi is kick-starting demand through state-run reverse auctions, where sellers try to undercut each other to win long-term contracts, effectively revealing the lowest price producers can bear.

The government said last month that suppliers and fertiliser companies had signed offtake agreements for 724,000 tons of green ammonia, which could cover one third of the country's hydrogen requirements.

Maintaining momentum will require "bold, sector-specific domestic initiatives, coupled with strategic international partnerships to unlock export potential", analysts at the Institute of Energy Economics and Financial Analysis wrote in a report.

"With one of the lowest costs of renewable power generation in the world, India is well placed to capture a significant portion of the export market."

(Reporting by Sethuraman NR in New Delhi and Colleen Howe in Beijing; Editing by Kevin Buckland)

((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net/))

MUMBAI, April 20 (Reuters) - India's L&T Finance LTFL.NS is set to raise up to 5 billion rupees ($53.86 million), including a greenshoe option of 3.5 billion rupees, through the sale of bonds maturing in five years and two months, three bankers said on Monday.

It has invited coupon and commitment bids for the issue later in the day, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on April 20:

*Size includes base plus greenshoe for some issues

($1 = 92.8375 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

((Dharamraj.dhutia@tr.com, khushi.malhotra@tr.com))

April 8 (Reuters) - Larsen and Toubro Ltd LART.NS:

• SECURES WORK ORDER FROM LARSEN & TOUBRO WORTH UPWARDS OF 7.5 MILLION RUPEES

Source text: ID:nBSEbxtpj0

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;;))

March 31 (Reuters) - Larsen and Toubro Ltd LART.NS:

• COMPLETES TRANSFER OF L&T SUFIN BUSINESS TO SUFIN LIMITED

• TRANSFER VALUED AT 429 MILLION RUPEES

Source text: ID:nBSE6rqMz

Further company coverage: LART.NS

((Reutersbriefs@thomsonreuters.com;))

March 24 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO- SILICONCH SYSTEMS PRIVATE LIMITED HAS BEEN AMALGAMATED WITH AND INTO L&T SEMICONDUCTOR TECHNOLOGIES LIMITED

Source text: [ID:]

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

March 20 (Reuters) - Sharika Enterprises Ltd SHKI.BO:

• RECEIVES PURCHASE ORDER WORTH 94.7 MILLION RUPEES FROM LARSEN & TOUBRO

Source text: ID:nBSE9Ry7jK

Further company coverage: SHKI.BO

((Reuters.Briefs@thomsonreuters.com;;))

Adds analyst comment in paragraph 4,5

March 4 (Reuters) - Shares of Indian infrastructure major Larsen & Toubro LART.NS dropped more than 7% to a one-month low on Wednesday, over worries that the escalating Middle East war could disrupt the company's projects in the region.

It led losses on the benchmark Nifty 50 .NSEI, which was down around 2%.

L&T has exposure to the Middle East through its hydrocarbon, infrastructure and energy engineering businesses, with the region contributing a large share of its international order book.

The construction and engineering firm, which fell about 5% on Monday, was down as much as 7.5% at 3,760 rupees on Wednesday after trading resumed following a local market holiday on Tuesday.

"The Gulf conflict could impact L&T execution in terms of physical damage to its ongoing infrastructure and hydrocarbon sites, including cancellation of projects and further supply chain cost due to the impact of geopolitical and freight delays," Macquarie said in a note.

The conflict, which began on February 28, has rattled global markets and hit oil production and shipping through the Strait of Hormuz between Iran and Oman, which carries around one-fifth of the world's oil.

"Middle East accounts for 33–35% of L&T's inflows, backlog and revenue, and potential blockade of the Strait of Hormuz for March could shave 1.8% off the consolidated earnings per share," CLSA said.

Analysts at Axis Capital warned that project execution could be impacted if the crisis were prolonged.

However, some analysts also said that the pullback presents a buying opportunity as long-term prospects remain intact.

L&T is rated "buy" on average by 30 analysts, with a median price target of 4,800 rupees, according to LSEG data.

(Reporting by Brijesh Patel, writing by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala and Harikrishnan Nair)

((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))

India File is published every Tuesday. Think your friend or colleague should know about us? Forward this newsletter to them. They can also subscribe here.

March 3 - By Ira Dugal, Editor Financial News, with global Reuters staff

Just when things seemed to be finally going right for the $3.8 trillion Indian economy, war has broken out between Iran and U.S.-Israel and engulfed other parts of the Middle East, bringing to the fore risks to the South Asian nation's external sector that have not been fully priced in.

Can a protracted conflict prematurely end the economy's Goldilocks phase? That's our focus this week. Write to me with your views at ira.dugal@thomsonreuters.com

To stay updated on developments, sign up for Reuters Gulf Currents newsletter and follow live coverage here.

And, technical incidents at Air India have risen. Scroll down for more on that Reuters exclusive.

THIS WEEK IN ASIA

** Khamenei killing shatters Iran's order, triggers high-stakes succession race

** How Dubai's safe-haven status is being put to the test

** Bank of Japan deputy governor says rate hikes likely to continue

**China's annual parliament meet to unveil roadmap for tech race with the West

** 'Will it give me a job?': Nepal's election promises don't stop youth exodus

PRESSURE ON OIL COSTS

With the overhang of U.S. tariffs lifted recently, the Indian economy has been chugging along at a strong pace of growth with low inflation. But the Iran versus U.S.-Israel military conflict threatens to upend it.

The risks of an extended conflict in the Middle East, analysts say, could range from higher commodity prices to lower worker remittances and disruptions to businesses that have diversified to the flourishing economies in the region.

"A prolonged conflict, alongside a large jump in energy prices, would be a major macro negative (for India)," brokerage Jefferies said in a note on Monday.

The region accounts for 17% of India's exports, provides 55% of crude oil and 38% of worker remittances, it said.

Oil prices surged 8% on Monday following the military strikes over the weekend, with Brent crude LCOc1 for a while trading above $82 a barrel.

Prices could spike to $100 per barrel, Barclays said.

Global energy markets could face one of their gravest crises in decades with the scale of disruption likely to be determined by the duration of the conflict, Reuters Open Interest columnist Ron Bousso wrote. Read that piece here.

India could be among the most vulnerable if higher oil prices are sustained, analysts said. Read here to understand why. Government officials said on Monday steps will be taken to ensure local fuel supplies.

Every $10 per barrel increase in oil prices widens India's current account deficit to GDP ratio by 0.5%, Mumbai-based brokerage Emkay Global Financial Services said. It can add up to 35 basis points to retail inflation and hit GDP growth by 15-20 basis points, the brokerage added.

Nomura economists said that an extended increase in fuel costs could prompt governments in the region to use higher subsidies and lower taxes to protect consumers from the impact.

"Higher oil prices solidify the case for central banks to stay on hold," Nomura said.

Disruption of crucial sea routes could also hurt. Roughly a third of global seaborne crude oil exports pass through the Strait of Hormuz, with most volumes destined for economies such as China, India, Japan and South Korea, Moody's Analytics said.

An added risk for India is another spurt in already-high gold prices. Together oil and gold accounted for nearly a third of India's import bill in value terms in the current financial year till January.

Indian asset markets reflected these risks in Monday's trading, with equities and the rupee sliding and bond yields rising.

WORKER REMITTANCES MAY DWINDLE

India is walking a tightrope in the conflict, boasting historical cultural ties with Iran and strong strategic relations with Israel. Prime Minister Narendra Modi held talks with Israeli Prime Minister Benjamin Netanyahu in Jerusalem last week.

Weakness in the economies of Middle East nations could also hit large remittances that India gets from workers in the region, while putting businesses at risk.

Larsen and Toubro LART.NS, India's largest engineering and construction company, has nearly 40% of its engineering, procurement and construction order book coming from the region, Jefferies said. A few consumer goods companies, such as Dabur DABU.NS and Titan TITN.NS, along with pharma firms, also have material revenues linked to the Middle East, it said.

Additionally, airlines and tourism companies could be at risk of hits to profits if oil prices remain high and travel remains disrupted.

Extended uncertainty could also weigh on the near 10 million Indian workers in the Middle East, according to government data, many of whom send earnings home, boosting household finances and acting as a major source of foreign currency inflows into India.

The widening of the conflict across the region could slow down remittances, said Emkay Global, adding, though, that this was not their base case.

MARKET MATTERS

India's economy grew at 7.8% in the October-December period and is seen expanding at 7.6% in the current financial year, according to data released by the government under a revamped GDP series.

Read here for the key takeaways and catch up on views from economists here.

The new series is expected to provide a clearer read on the economy as it widens the sources of information, shifts to a more technically sound way of computing real GDP growth and updates the base year.

THIS WEEK'S MUST-READ

Technical incidents such as engine oil and fuel leaks affecting Air India flights reached their highest rate in at least 14 months in January, Reuters' Abhijith Ganapavaram and Aditya Kalra reported.

The airline in December admitted there was a "need for urgent improvements in process discipline, communication, and compliance culture".

In January, Air India recorded 1.09 technical incidents per 1,000 flights, quadrupling from levels of just 0.26 in December 2024.

Read that exclusive report here.

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

((Ira.Dugal@thomsonreuters.com; +91-9833024892;))

** U.S.-Israel strikes on Iran that killed Supreme Leader Ali Khamenei and spurred a rise in crude prices could have adverse consequences on Indian sectors, brokerages say

** Brent crude LCOc1 up 6.7% at $77.8 a barrel on Monday

** Higher oil prices will likely hurt Indian oil marketing cos, paints, agro-chemicals, building materials, and tyre makers, according to Jefferies, BofA Securities and Bernstein

** Larsen & Toubro LART.NS particularly exposed, with Middle East forming ~50% of its order book and ~40% of revenue

** Building-materials players (tiles, PVC pipes) could see margin pressure due to higher gas costs

** Upstream oil cos, such as ONGC ONGC.NS and Oil India OILI.NS, to benefit from higher crude, while BPCL BPCL.NS, HPCL HPCL.NS and IOC IOC.NS face sharp profitability hit

** Agro-chemical firms at risk as India imports ammonia and sulphur via Strait of Hormuz

** Higher crude could raise India's borrowing costs, lift bond yields, and reduce PSU banks' treasury gains

** A 10% rise in crude will trim 200–250 bps from margins at Asian Paints ASPN.NS and Kansai Nerolac KANE.NS

** Indian benchmarks fall 1.3%, with broad-based sector declines on Monday .BO

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

Feb 26 (Reuters) -

• LARSEN & TOUBRO BUYS 5.6 MILLION UNITS IN CAPITAL INFRA TRUST AT 69.50 RUPEES APIECE VIA BULK DEAL - NSE DATA

Further company coverage: CPII.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Shares of India's Larsen And Toubro LART.NS rise 1.93% to 4341.30 rupees

** Construction and engineering co secures a batch of EPC orders to establish electricity grid system elements in India and abroad

** Total value of orders ranges between 50 billion rupees ($549.77 million) to 100 billion rupees ($1.10 billion)

** Trading vols at 1.19 mln shares vs 30-day average of 2.25 mln shares

** Stock rated "buy" on avg by 30 analysts, median PT at 4715 rupees -- data compiled by LSEG

** LART gained 13.2% in 2025, stock up 4.3% so far in 2026

($1 = 90.9475 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))

Feb 24 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - WINS SIGNIFICANT ORDER FOR LIGO INDIA OBSERVATORY

• LARSEN AND TOUBRO - ORDER VALUE BETWEEN 10 BILLION RUPEES AND 25 BILLION RUPEES

Source text: ID:nBSE4zgCfX

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

Adds details from paragraph 2 onwards

Feb 23 (Reuters) - Indian IT services company LTIMindtree LTIM.NS on Monday said it has secured a $100 million, seven-year deal with a Europe-based medical technology company that provides hearing solutions.

The IT company did not reveal the name of the European firm.

Under the agreement, LTIMindtree will develop and support the client's main hearing aid brands and private-label products, including core wearable devices, and a mobile app for users.

Earlier this month, LTIMindtree's the board approved a proposal to rename the company LTM Limited, subject to shareholder and regulatory clearances.

In January, the IT firm said total order bookings for the quarter ended December 31 hit a record $1.69 billion.

(Reporting by Nishit Navin; Editing by Mrigank Dhaniwala)

((Nishit.Navin@thomsonreuters.com;))

Feb 20 (Reuters) - E2E Networks Ltd EENE.NS:

• E2E NETWORKS LTD - SIGNS MEMORANDUM OF UNDERSTANDING WITH LARSEN & TOUBRO -VYOMA

• E2E NETWORKS LTD - SIGNS MOU WITH LARSEN & TOUBRO -VYOMA TO PARTNER IN SCALING GPU CLOUD INFRASTRUCTURE

Source text: [ID:]

Further company coverage: EENE.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 19 (Reuters) - Senior executives from global artificial intelligence firms joined world leaders in India this week for a major AI summit.

Here is a list of all the major deals struck during the India AI Impact Summit in New Delhi.

INDIA'S RELIANCE INDUSTRIES, JIO TO INVEST $110 BILLION

Conglomerate Reliance Industries RELI.NS and its telecom arm Jio will invest $109.8 billion over the next seven years to build artificial intelligence and data infrastructure, its billionaire chairman Mukesh Ambani said on Thursday.

INDIA'S ADANI GROUP TO COMMIT $100 BILLION FOR AI DATA CENTRES THROUGH 2030

The ports-to-power Adani Group said on Tuesday it would invest $100 billion for renewable energy-powered AI data centres by 2035.

Adani said that the investment is expected to trigger an additional $150 billion across related industries, including server manufacturing and sovereign cloud platforms.

Together, this is projected to create a $250 billion AI infrastructure ecosystem in India over the decade, it added.

MICROSOFT TO INVEST $50 BILLION IN 'GLOBAL SOUTH' BY 2030

Microsoft MSFT.O on Wednesday said it is on pace to invest $50 billion by the end of the decade to help expand AI to countries across the 'Global South'.

The firm had unveiled $17.5 billion worth of AI investments in India last year.

INDIAN DATA CENTRE FIRM YOTTA COMMITS $2 BILLION FOR AI HUB

Yotta Data Services said on Wednesday it will build one of Asia's largest AI computing hubs using Nvidia's NVDA.O latest Blackwell Ultra chips, in a project costing more than $2 billion.

INDIAN IT SERVICES EXPORTER TCS SIGNS OPENAI AS DATA CENTRE CUSTOMER

Tata Consultancy Services TCS.NS has signed up ChatGPT parent OpenAI as its first customer for its data centre unit under the global AI infrastructure initiative Stargate, the companies said on Thursday.

INDIA'S L&T, NVIDIA TO BUILD INDIA'S LARGEST AI FACTORY

Infrastructure major Larsen & Toubro LART.NS announced a proposed venture with Nvidia to build AI-ready data centre infrastructure, advanced computing platforms, and ecosystem enablement required to support large-scale AI workloads.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Raju Gopalakrishnan)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

Feb 18 (Reuters) - Larsen and Toubro Ltd LART.NS:

• LARSEN AND TOUBRO - L&T TEAMING WITH NVIDIA

• LARSEN AND TOUBRO - L&T TEAMING WITH NVIDIA TO BUILD INDIA'S LARGEST GIGAWATT- SCALE AI FACTORY

• LARSEN AND TOUBRO- VENTURE WILL SCALE NVIDIA GPU CLUSTER DEPLOYMENT AT ITS CHENNAI DC UP TO 30 MW CAPACITY IN ITS 300 ACRES GIGAWATT SCALABLE CAMPUS

Source text: ID:nNSE2w9dR5

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))

Feb 17 (Reuters) - Larsen and Toubro Ltd LART.NS:

• TRISHAKTI INDUSTRIES LTD - GET WORKER ORDER WORTH 4.2 MILLION RUPEES FROM L&T

Source text: ID:nnAZN4SH4H4

Further company coverage: LART.NS

((Reuters.Briefs@thomsonreuters.com;))