L&T advances after large order win

Larsen & Toubro rose 1.64% to Rs 1,406.70 at 12:18 IST on BSE after the company was awarded a large contract for new strategic gas export pipeline by KOC-Kuwait.

The announcement was made during trading hours today, 1 April 2019.

Meanwhile, the S&P BSE Sensex was up 261.34 points, or 0.68% to 38,934.25

On the BSE, 1.39 lakh shares were traded in the counter so far compared with average daily volumes of 3.11 lakh shares in the past two weeks. The stock had hit a high of Rs 1,423.15 and a low of Rs 1,387 so far during the day. The stock hit a 52-week high of Rs 1,459.10 on 21 December 2018. The stock hit a 52-week low of Rs 1,183.40 on 23 October 2018.

Larsen & Toubro (L&T) has won a large order from Kuwait Oil Company (KOC). 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. As per project classification, L&T said the contracts fall under large category which has order value between Rs 2500 crore and Rs 5000 crore.

L&T is currently executing a new 48" Crude Transit Line (CTL) from North Kuwait to Central Mixing Manifold (CMM) located near Ahmadi (Kuwait).

L&T's consolidated net profit rose 37.02% to Rs 2041.62 crore on 24.22% rise in net sales to Rs 35708.87 crore in Q3 December 2018 over Q3 December 2017.

Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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