L&T bags Rs 1,483 crore order from ONGC; stock at 52-week high

Larsen & Toubro Hydrocarbon Engineering, a wholly-owned subsidiary of Larsen and Toubro (L&T), has secured an offshore contract worth approximately Rs. 1,483 crore from ONGC.

The project is a part of ONGC’s strategy to jointly develop three small and marginal blocks under ‘Bassein Development 3 Well platform project’ and is scheduled to be completed by May 2019. The order encompasses EPCIC-Engineering, Procurement, Construction, Installation and Commissioning- for the project.

Earlier this week, L&T Hydrocarbon won EPC contracts worth about Rs. 2,100 crore for crude distillation and vacuum distillation unit (CDU & VDU) from HPCL and Reliance Industries.

L&T Hydrocarbon Engineering has been in the onshore hydrocarbon sector since the early 1990s. L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $17 billion in revenue and operations in over 30 countries.

At 10:25 hours, L&T was trading at a share price of Rs. 1,320.75 up Rs. 5.05, or 0.38 per cent on the NSE. The scrip opened at Rs. 1,325 and created a new 52-week high of Rs. 1,328 per share on NSE. The stock attracted a traded volume of 7,87,504 shares on NSE.