L&T inches up after large order win

Larsen & Toubro rose 0.57% to Rs 1385 at 10:42 IST on BSE after the company said its hydrocarbon unit won a large order from Tawfiq Coke Products, Oman.

The announcement was made during trading hours today, 26 March 2019.

Meanwhile, the S&P BSE Sensex was up 100.90 points, or 0.27% to 37,909.81.

On the BSE, 29,000 shares were traded in the counter so far compared with average daily volumes of 3.97 lakh shares in the past two weeks. The stock had hit a high of Rs 1389 and a low of Rs 1375.50 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.

L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, has won a large order from Tawfiq Coke Products-Oman. The contract scope includes selection of technology licensor, FEED & EPC for a 2 x 225,000 TPA plant of calcined coke from green pet coke. Process facilities include material handling, rotary kiln and cooler, combustion chamber, gas separation and associated offsite & utilities packages. This award will further reinforce L&T's operations in Oman and provide an opportunity to contribute to the expansion of industrial facilities in Sohar.

The company said the order fall under "large" category which ranges between Rs 2,500 crore and Rs 5,000 crore as per its classification of contracts.

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.

Powered by Capital Market - Live News