Company news: Larsen & Toubro

Larsen & Toubro has purchased the entire stake held by Tamil Nadu Industrial Development Corporation in L&T Shipbuilding (LTS) for ₹32.74 crore. LTS, a subsidiary of L&T, was incorporated on November 13, 2007, and currently operates a modern shipyard from Kattupalli, Chennai, carrying out shipbuilding and ship-related activities. The company undertakes manufacture and building of warships, auxiliary vessels/crafts and specialised commercial ships. TIDCO held 3 per cent stake in LTS. The acquisition is not a related party transaction, L&T said. The stock of L&T gained 0.4 per cent at ₹1,378 on the NSE.