Animal spirits in the corporate sector are low and corporate earnings for the December quarter have been nothing to write home about
Dixit and a few other shareholders said the land allotted for the proposed hospital was supposed to be a manufacturing facility of the company till 2019.
Both Mukesh Ambani, chairman of Reliance Industries and Kumar Mangalam Birla, chairman of Aditya Birla Group, were present on the occasion when Naik nostalgically recollected how he battled against the two powerful Indian conglomerates.
The appointment was approved by the company board on April 7 and marks a major change in leadership positions at L&T where Naik has served for over 52 years, including as its head for over 17 years, the company said in a statement.
Stepping into AM Naik’s shoes would not be an easy task but is confident of taking the company forward on a high growth path and make Naik proud, said SN Subrahmanyan of L&T.
SN Subrahmanyan will take over as CEO and MD from July 1
L&T hopes to be at forefront of India‘s defence programme and expects the country‘s defence sector to be a Rs 70,000 crore opportunity, Chairman AM Naik told CNBC-TV18 in an exclusive interview.
By October 2017, engineering giant L&T‘s Group Chairman Anil Manibhai Naik will hang up his boots and pass the baton to SN Subrahmanyan or SNS as he is popularly known in the company. For SNS, it is a big boot to fit in.
The employees‘ trust was created to act as a holding company to ward off any hostile bid. But as per rules, no employee can run the trust. Post retirement, Naik intends to be involved with the trust in addition to running his own charitable trusts.
Over the last few years, poor capital allocation has emerged as the biggest criticism as there are several investments which are not yielding any returns.
Three key legacy pain points Naik leaves behind for his successor
L&T‘s CEO-designate Subrahmanyan set to take over by 1 July
His successor SN Subrahmanyan, deputy managing director and president, will take charge as CEO on 1 July, Naik told Moneycontrol News in an exclusive interview.
Greater clarity on GST implementation and roadmap to lower taxes
It is the second company from the L&T Group to hit the capital market with an IPO since July, after L&T Infotech that listed on July 21.
In an interview with CNBC-TV18's Kritika Saxena, L&T Group Chairman AM Naik explained the rationale behind having two different listed IT companies and detailed how he plans to create synergies between the two companies.
n a tepid debut two months back, L&T Infotech listed 6 percent below its listing price of Rs 710. It closed up 1 percent yesterday at Rs 652.10 on the BSE against a Sensex rally of over 1.6 percent.
"There are many things that are yet to be done before I retire next year. Apart from restructuring the small businesses and making the company asset-light, I want to create the next level of leadership in the next one year," Naik told shareholders here over the weekend.
L&T Infotech has made a debut at the exchange, falling 6 percent from its issue price of Rs 710. The stock was listed at Rs 667 per share. The much-awaited IPO had attracted more than one million applications, the highest for any share sale offer in at least five years. L&T Infotech had fixed a price band of Rs 705-710 per share for the offering.
Focus on building its digital business and maintaining high revenue productivity per employee is one of the priorities of the L&T Infotech, say the company's MD and CEO Sanjay Jalona.
Betting big on IT and engineering technology services, diversified conglomerate L&T aims to expand revenue share of services businesses to 15 percent, while bringing down the projects portfolio to 70 percent.
Following years of speculation, the third initial public offering (IPO) from the L&T Group, is finally happening.
In an interview to CNBC-TV18 SP Tulsian of sptulsian.com shared his reading and outlook on the market as well as on specific stocks and sectors.
L&T Chairman Naik says the proceeds of the stake sale in L&T General Insurance to HDFC Ergo will go towards meeting the company's working capital needs of other core businesses.