L&T gains after subsidiary bags order from Petronet LNG

Larsen & Toubro gained 0.66% to Rs 1,726.80 after the EPC major's wholly owned subsidiary, L&T Hydrocarbon Engineering, won a 'significant' order from Petronet LNG.

The contract is for engineering, procurement, construction and commissioning of two LNG Storage Tanks with a capacity of 170,000 m3 each for Phase IIIB of the Dahej Expansion Project at Dahej, Gujarat. The Project has been awarded through an international competitive bidding on Lumpsum Turnkey (LSTK) basis.

According L&T's classification, the value of the said contracts lies between Rs 1,000 crore to Rs 2,500 crore.

Petronet LNG is a joint venture company promoted by four leading PSUs viz., Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL), GAIL (India) and Bharat Petroleum Corporation (BPCL).

L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services. It operates in over 30 countries worldwide. The EPC major's consolidated net profit soared 141.2% to Rs 1,556.18 crore on a 38% jump in net sales to Rs 29,334.73 crore in Q1 FY22 over Q1 FY21.

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