L&T inches up after securing prestigious order in Saudi Arabia

The announcement was made during trading hours today, 5 June 2013.

Meanwhile, the S&P BSE Sensex was up 18.10 points or 0.09% at 19,563.88.

On BSE, 63,000 shares were traded in the counter as against average daily volume of 2.37 lakh shares in the past one quarter.

The stock hit a high of Rs 1,425.40 and a low of Rs 1,396.05 so far during the day. The stock had hit a 52-week high of Rs 1,719.50 on 29 October 2012. The stock had hit a 52-week low of Rs 1,106.40 on 4 June 2012.

The stock had underperformed the market over the past one month till 4 June 2013, sliding 10.18% compared with the Sensex's 0.15% fall. The scrip had also underperformed the market in past one quarter, rising 3.25% as against Sensex's 3.54% gain.

The large-cap company has equity capital of Rs 123.24 crore. Face value per share is Rs 2.

Larsen & Toubro Arabia LLC, a joint venture (JV) company of L&T has secured a large engineering, procurement and construction (EPC) contract from the Saudi Arabian Oil Company (Saudi Aramco). Larsen Toubro Arabia is one among multiple JVs of L&T in the high-growth markets of the GCC countries.

The contract is for setting up gas processing facilities, for the Midyan Gas Fields, with a capacity to treat 75 MMSCFD of gas and 4,500 BPD of condensate, and the laying of over 90 kilometres (KM) of gas and condensate product pipelines. The project is scheduled to be completed in 37 months, L&T said in a statement.

L&T's net profit declined 6.9% to Rs 1787.94 crore on 9.9% growth in net sales to Rs 20293.83 crore in Q4 March 2013 over Q4 March 2012.

L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate with global operations.

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