L&T spikes 2 per cent on Kuwait Oil order

Shares of Larsen & Toubro (L&T) were trading up by over 2 per cent after the company informed the exchanges about winning a large order from Kuwait Oil Company (KOC). The project falls in Rs. 2,500 to Rs. 5,000 crore order size.

The company will be executing a large project for the Oil and Gas industry. The new export gas strategic pipeline and its associated facilities will run a span of approximately 145 km. The new strategic gas export pipeline contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis. Currently, the company is executing a new 48” Crude Transit Line (CTL) from North Kuwait to Central Mixing Manifold (CMM) located near Ahmadi (Kuwait).

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over US$18 billion in revenue.

On Monday, the shares of L&T opened at Rs. 1,387 against Friday’s close of Rs. 1,384.05. At 10:42 hours, the shares were trading at Rs. 1415.50, up by 2.27 per cent. It reached an intraday high of Rs. 1,423.15 and an intraday low of Rs. 1,387 per share on the BSE. The 52-week high stood at Rs. 1,459.10 and 52-week low was at Rs 1,183.40 per share. Meanwhile, the BSE Sensex was quoting 38,960.30, up by 0.74 per cent.