LT bags ethylene glycol orders from IOC

Arm of L&T, L&T Hydrocarbon Engineering has won two major orders from Indian Oil Corporation Limited (IOC) for Ethylene Glycol project. Shares gain on intraday basis. 
  
L&T Hydrocarbon Engineering Limited is a wholly-owned subsidiary of L&T which will be soon engaged in the engineering, procurement, construction and commissioning (EPCC) contracts for setting up Mono Ethylene Glycol (MEG) Plant and Ethylene Recovery Unit (ERU) under LSTK-1 Package, associated Offsite and Utilities under LSTK-2 Package at IOC's Paradip Refinery (Odisha). MEG plant is licensed by Scientific Design with a capacity of 357 KTA while ERU is licensed by Lummus Technology (now McDermott) with a capacity of 180 KTA. Both the projects have been awarded through international competitive bidding and are on Lump Sum Turnkey (LSTK) basis to be executed concurrently. The critical equipment for the project will be fabricated in house at L&T’s manufacturing facilities. 
  
On Thursday, the stock of L&T opened at Rs. 1,301 per share as against Wednesday’s close of Rs. 1,295.30 per share. At 15:18 hours, the shares were trading at Rs. 1,315 per share, up by 1.52 per cent. The stock's intraday high was Rs. 1,318 and intraday low was at Rs. 1,296 per share on the BSE. Its 52-week high was Rs. 1,496.60 and 52-week low was Rs. 1,183.40. Meanwhile, the BSE Sensex was at 36,248.98, up by 1.85 per cent.