L&T nudges higher after bagging order

L&T gained 0.56% to Rs 1,149.15 at 11:05 IST on BSE after the company said that its wholly-owned subsidiary bagged an offshore contract from ONGC.

The announcement was made during trading hours today, 11 October 2017.

Meanwhile, the S&P BSE Sensex was up 140.51 points, or 0.44% to 32,064.92.

On the BSE, 1.78 lakh shares were traded in the counter so far, compared with average daily volumes of 1.92 lakh shares in the past one quarter. The stock had hit a high of Rs 1,156 and a low of Rs 1,140.50 so far during the day. The stock had hit a 52-week high of Rs 1,249.95 on 20 September 2017. The stock had hit a 52-week low of Rs 863.54 on 9 November 2016.

The stock had underperformed the market over the past one month till 10 October 2017, falling 2.52% compared with the Sensex's 0.75% rise. The stock had also underperformed the market over the past one quarter, falling 1.04% as against the Sensex's 0.66% rise. The scrip had, however, outperformed the market over the past one year, gaining 18.12% as against the Sensex's 13.68% rise.

The large-cap company has equity capital of Rs 280.11 crore. Face value per share is Rs 2.

L&T said that its wholly-owned subsidiary, L&T Hydrocarbon Engineering, has bagged an offshore contract for the transportation & installation - Daman development project from ONGC valued at approximately Rs 1150 crore.

The contract, won against international competitive bidding, encompasses total engineering, procurement, construction, installation and commissioning for the project. The project, part of ONGC's strategy to extract gas from Daman field, is situated in the south western part of Tapti - Daman block in Mumbai Offshore, located at about 160-200 kilometers North West direction from Mumbai city and 160 kilometers West of Daman.

L&T's consolidated net profit rose 50.6% to Rs 1028.30 crore on 9.6% rise in net sales to Rs 23810.86 crore in Q1 June 2017 over Q1 June 2016.

L&T is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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