Another Satyam in making - L&T ?
Another Satyam in making - L&T
L&T was founded in year 1938 by Danish engineers Mr Larsen and Mr Toubro. Now state owned LIC and UTI are majority stakeholders. Likes of Chairman Mr Naik (aged 73) who joined as entry level engineers in 60s are treating L&T as their personal fiefdom. Caution – Big Danger
Ahead!! L&T in melting - devil or the deep blue sea - stake sale or post
losses.
Complete stake sale at Dhamra Port (Rs 2500 crores) to Adani group
saved LnT from posting losses in q1-2014. LnT Infra stake sale to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, scraps Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785
crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD population of
septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1412, from all-time and 3 months peak of 1879. Total consolidated debt 2014-15, 90.7 thousand crores. Lost whopping 20 percent in last 3 months (ending Sep 2015). Post Q2 results 3 yr low of 722 ? Another Satyam in making - L&T like Satyam was barred by World Bank over FORGERY !
L&T was founded in year 1938 by Danish engineers Mr Larsen and Mr Toubro. Now state owned LIC and UTI are majority stakeholders. Likes of Chairman Mr Naik (aged 73) who joined as entry level engineers in 60s are treating L&T as their personal fiefdom. Caution – Big Danger
Ahead!! L&T in melting - devil or the deep blue sea - stake sale or post
losses.
Complete stake sale at Dhamra Port (Rs 2500 crores) to Adani group
saved LnT from posting losses in q1-2014. LnT Infra stake sale to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, scraps Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785
crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD population of
septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1412, from all-time and 3 months peak of 1879. Total consolidated debt 2014-15, 90.7 thousand crores. Lost whopping 20 percent in last 3 months (ending Sep 2015). Post Q2 results 3 yr low of 722 ? Another Satyam in making - L&T like Satyam was barred by World Bank over FORGERY !
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