L&T secures Rs.5,220 crore worth orders in two months.

Larsen and Toubro Ltd. (L&T) recently said it has secured new orders worth Rs. 5,220 crore across various business segments in January and February. Of the total orders, the water and renewable energy business has secured orders of Rs. 2,019 crore and the buildings and factories business won orders for Rs. 1,461 crore. "Although there is still sluggishness in our economy, these orders reflect that there is some positive movement in the infrastructure sector which augurs well for both the country and L&T going forward," S.N. Subrahmanyan, member of the board and senior vice-president (infrastructure and construction) at L&T. L&T reported a 22% increase in fiscal third quarter net profit in January, helped by strong domestic and international order inflow. At the same time, L&T slashed its forecast for growth in orders for the full fiscal year by 5 percentage points, citing an unpromising investment climate and policy uncertainty ahead of general elections due by May. According to a report dated 5 January by the research division of Citigroup Global Markets Inc., private new projects announcements, at Rs. 19,100 crore in the third quarter of the year to March, fell 54% from a year earlier and 49% from the preceding three months. "Historically, any major uptick in capital expenditure in India has been driven by the private sector. As a result, a sharp decline in private new project announcements continues to paint a dismal picture for capital expenditure," said the report. LIVEMINT