L&T inches up after new orders

L&T rose 0.85% to Rs 1623 at 12:34 IST on BSE after the company said its wholly owned subsidiary has secured new orders in the offshore and onshore segments worth Rs 1920 crore from domestic oil and gas majors.

The announcement was made during market hours today, 8 September 2014.

Meanwhile, the S&P BSE Sensex was up 171.63 points or 0.64% at 27,198.33.

On BSE, so far 63,000 shares were traded in the counter as against average daily volume of 1.62 lakh shares in the past two weeks.

The stock hit a high of Rs 1,629.95 and a low of Rs 1,617.40 so far during the day. The stock had hit a record high of Rs 1,774.70 on 9 June 2014. The stock had hit a 52-week low of Rs 729.60 on 6 September 2013.

An offshore contract worth Rs 1340 crore from Oil & Natural Gas Corporation (ONGC), includes engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field of ONGC. The project is scheduled for completion by March 2016, L&T said in a statement.

In the onshore segment, L&T Hydrocarbon Engineering (LTHE) secured a contract valued at about Rs 580 crore from a leading company engaged in hydrocarbon downstream processing. The contract involves engineering, procurement and construction of a dual service cryogenic storage tank facility suitable for liquid ethane and liquefied natural gas and engineering work for the balance of the facilities to be installed at the manufacturing complex, L&T said in a statement.

L&T's consolidated net profit jumped 110.8% to Rs 966.89 crore on 10.1% growth in net sales to Rs 18974.75 crore in Q1 June 2014 over Q1 June 2013.

L&T is a $14.3 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.

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