L&T gains after unit wins order

Larsen & Toubro rose 1.66% to Rs 1,351.45 at 11:21 IST on BSE after the company said its subsidiary secured an order valued more than Rs 2200 crore.

The announcement during trading hours today, 12 February 2018.

Meanwhile, the S&P BSE Sensex was up 236.13 points, or 0.69% to 34,241.89.

On the BSE, 53,000 shares were traded in the counter so far compared with average daily volumes of 3.76 lakh shares in the past one quarter. The stock had hit a high of Rs 1,355 and a low of Rs 1,333 so far during the day. The stock hit a record high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 973.99 on 3 March 2017.

The stock had underperformed the market over the past 30 days till 9 February 2018, rising 0.69% compared with 1.44% fall in the Sensex. The scrip had outperformed the market in past one quarter, rising 5.17% as against Sensex's 2.07% rise. The scrip had also outperformed the market in past one year, rising 32.84% as against Sensex's 20.02% rise.

The large-cap company has equity capital of Rs 280.27 crore. Face value per share is Rs 2.

L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro (L&T), has signed a major field development engineering, procurement, construction (EPC) contract with Al Dhafra Petroleum Operations Company, Abu Dhabi, UAE, with a value in excess of Rs 2200 crore.

Al Dhafra Petroleum is a joint venture between ADNOC and Korea National Oil Corporation (KNOC) and GS Energy, which is represented by Korean Abu Dhabi Oil Consortium (KADOC).

The scope of the contract includes Engineering, Procurement, Construction & Commissioning of flow lines, gathering facilities & pipelines to transfer crude oil & gas from Haliba fields to processing facility at Asab and installation of 132 kV and 33 kV overhead electrical transmission lines to supply power.

The order reinforces LTHE's unique capability to deliver 'design to build' engineering and construction solutions across the hydrocarbon spectrum.

On a consolidated basis, L&T's net profit surged 48.4% to Rs 1617.88 crore on 10.1% growth in net sales to Rs 28747.45 crore in Q3 December 2017 over Q3 December 2016.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services. It operates in over 30 countries worldwide.

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