LT.NSE

Larsen & Toubro Ltd.

Shares of Hindustan Aeronautics Ltd dropped significantly after it was not shortlisted for the Advanced Multirole Combat Aircraft programme. Larsen & Toubro, Bharat Forge, and Tata Advanced Systems were selected. The winner will partner with Aeronautical Development Agency to build prototypes. This fifth-generation fighter jet is expected to be a key part of India's air combat capability from the mid-2030s.

India’s equity benchmarks advanced on Monday, led by gains in infrastructure stocks and bargain hunting in heavyweight Reliance Industries, as markets partially recovered from damage taken after the federal budget. The Nifty 50 rose 1.06% to 25,088.4, while the BSE Sensex added 1.17% to 81,666.46. Intraday, the indexes swung between gains of 1.3% and losses of 0.6%. The benchmark indexes fell about 2% on Sunday, marking their biggest budget-day percentage drop in six years, settling at the lowest levels seen since November. “We see limited downside risk (for Nifty) after a 2% drop on Sunday,” said analysts led by Seshadri Sen of Emkay Global Financial Services. The budget continued to prioritise infrastructure and manufacturing while maintaining fiscal discipline, making Sunday’s reaction a knee-jerk response, according to three analysts. Sunday’s sell-off was triggered by the proposal to hike the securities transaction tax on derivatives, higher-than-expected gross borrowing for fiscal year 2027 and the absence of cuts in capital gains tax or measures to attract foreign inflows. “The impact on large institutional hedging strategies due to STT hike is likely to be limited,” said Anand Gupta, lead portfolio manager of Indian equities at Allianz Global Investors. “Historically, marginal increases in STT have not had a material impact on market participation, liquidity or hedging activity,” he said.

Construction of the Ram temple in Ayodhya is set for completion by April 30. The project's total cost is estimated at Rs 1,900 crore. Key construction firms Larsen & Toubro and Tata Consultancy will conclude their work by this date. All paperwork and payments will also be finalized.

Mumbai: Rising for the third consecutive day, benchmark stock index Sensex advanced 221 points and Nifty settled above 25,400 on Thursday following a rally in Larsen & Toubro and the Economic Survey...