Larsen & Toubro Ltd shares rose nearly 3 per cent to Rs 2,228.90 on the BSE in Wednesday after the company said in a notice to exchanges that it has bagged a mega order for its hydrocarbon business.
The engineering and construction company, however, did not provide the exact value of the contract, but specified that as per its classification, a mega project is of over Rs 7,000 crore.
“The Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) of L&T has recently secured multiple offshore packages from a prestigious client in the Middle East,” the company said in press release.
The scope of work comprises engineering, procurement, construction & installation for various new offshore facilities and integration with existing installations, the company said.
“LTEH Offshore has consistently demonstrated timely project delivery deploying end-to-end capabilities, including design, fabrication, and installation of large process platforms, living quarters, subsea systems, piping and other T&I works. Securing these repeat orders indicates customer satisfaction and is a testimony to customer’s faith in the team’s dedicated efforts towards developing and nurturing these capabilities.” said Subramanian Sarma, Whole-Time Director and Senior Executive Vice-President.
LTEH provides comprehensive design-to-build solutions for the hydrocarbon sector worldwide. Over three decades of expertise has allowed it to set global benchmarks in project management, corporate governance, quality assurance, health and safety, environmental sustainability, and operational excellence.
Thus far in the current calendar year 2023, L&T has outperformed the market by surging 6.5 per cent, as compared to 2.7 per cent decline in the S&P BSE Sensex. The stock had hit a record high of Rs 2,297.30 on January 20, 2023.
L&T primarily operates in infrastructure, heavy engineering, defence engineering, power, hydrocarbon, services business segments. Infrastructure segment contributes around 45 per cent to consolidated revenue followed by services (around 30 per cent).
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