Edelweiss Securities expects 14 per cent YoY growth in core Engineering, Procurement and Construction (EPC) revenues led mainly by the infra segment. Services businesses are expected to grow healthy at 25 per cent, it says.
On Thursday, L&T acquired another 2 per cent stake in Mindtree by purchasing shares from the open market, taking its overall holding in the mid-sized IT company to 25.93 per cent. A day before, the infrastructure major bought over 37.53 lakh shares, or 2.28 per cent stake, worth Rs 367.8 crore in the company.
Earlier this month, it had purchased around 20 per cent stake of VG Siddhartha and Coffee Day in Mindtree through a block deal for about Rs 3,210 crore. L&T is in the fray to buy up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the country's first-ever hostile takeover bid in the IT industry.
At the bourses, L&T has remained subdued during the last one year, thus underperforming the benchmark S&P BSE Sensex. The stock has fallen 1 per cent between May 9, 2018 - May 9, 2019, as against over 6 per cent rise in the S&P BSE Sensex.