L&T gains after winning orders

Larsen & Toubro rose 0.44% to Rs 1339.85 at 10:49 IST on BSE after the company said its wholly-owned subsidiary won two projects from Saudi Aramco.

The announcement was made during trading hours today, 15 January 2019.

Meanwhile, the S&P BSE Sensex was up 322.54 points, or 0.90% to 36,176.10.

On the BSE, 33,000 shares were traded in the counter so far compared with average daily volumes of 1.56 lakh shares in the past two weeks. The stock had hit a high of Rs 1348 and a low of Rs 1336 so far during the day. The stock hit a 52-week high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 1,183.40 on 23 October 2018.

L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro, in consortium with Subsea 7 has won yet another award for two projects from Saudi Aramco. The award consists of engineering, procurement, construction and installation (EPCI) of three oil production deck manifolds and subsea pipelines in Zuluf and Berri Fields of Saudi Aramco.

This is the fifth award for the consortium and provides for significant project pipeline for the firms. At present, there are four offshore contracts under execution by the consortium for Saudi Aramco under the long-term agreement. LTHE has three fabrication yards and this project will be built at its flagship facility at Hazira in Gujarat, India, established to "design and build" offshore oil & gas projects.

The company's board will meet on Friday, 25 January 2019, to consider Q3 December 2018 results.

L&T's consolidated net profit rose 26.21% to Rs 2689.63 crore on 21.30% rise in net sales to Rs 32080.83 crore in Q2 September 2018 over Q2 September 2017.

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

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