L&T gains after winning ONGC orders

Larsen & Toubro was up 0.85% to Rs 1564 at 11:38 IST on the BSE after the company said it bagged two contracts from ONGC.

The announcement was made during market hours today, 27 June 2019.

Meanwhile, the S&P BSE Sensex was up by 153.54 points, or 0.39% to 39,745.62.

On the BSE, 49,000 shares were traded in the counter so far compared with average daily volumes of 1.91 lakh shares in the past two weeks. The stock had hit a high of Rs 1569 and a low of Rs 1559 so far during the day. It hit a 52-week high of Rs 1606.70 on 28 May 2019 and a 52-week low of Rs 1183.40 on 23 October 2018.

Larsen & Toubro (L&T) announced that its hydrocarbon engineering arm won two large engineering, procurement, construction, installation and commissioning (EPCIC) orders from ONGC. The order falls under "large" category the range for which is 2500 crore to 5000 crore as per its classification of contracts.

The first contract is for development of Heera Panna Block of Western Offshore basin which is located about 70 km of south west of Mumbai High. The second contract is for development of Mumbai High South field of Western Offshore basin which is located about 210 km to the west of Mumbai city. The above contracts have been awarded through international competitive bidding on a lump sum turn key (LSTK) basis.

On a consolidated basis, Larsen & Toubro's net profit rose 7.9% to Rs 3418.24 crore on a 10.5% rise in the net sales to Rs 44933.96 crore in Q4 March 2019 over Q4 March 2018.

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

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