L&T rises after bagging 'mega' order from HPCL

Larsen & Toubro (L&T) rose 1.5% to Rs 1316.15 after the company's subsidiary won a 'Mega' order from HPCL Rajasthan Refinery.

L&T Hydrocarbon Engineering (LTHE) won a 'Mega' order from HPCL Rajasthan Refinery (HRRL), a joint venture between Hindustan Petroleum Corporation (HPCL) and Government of Rajasthan.

As per L&T's classification, the valuation of the 'mega' contract lies above Rs 7000 crore.

The engineering, procurement, construction and commissioning (EPCC) contract is for setting up a Dual Feed Cracker Unit (DFCU), EPCC-07 Package (capacity: 890 KTPA) for Rajasthan Refinery Project at Barmer, Rajasthan. The DFCU is the biggest EPCC contract awarded in the country to date in the Refinery and Petrochemical sector.

Commenting on the order win, Subramanian Sarma, Whole-time Director of L&T said, "We are very delighted to be part of this mega development project in Rajasthan and I would like to thank HRRL and HPCL for having trust in our capabilities to deliver such complex process plants with high standards of HSE and Quality."

The contract is awarded through an international competitive bidding on Lump Sum Turnkey (LSTK) basis. With both the petro fluidised catalytic cracking unit and Dual Feed Cracker Unit projects, LTHE has emerged as the largest EPC contractor in the entire Rajasthan Refinery Project.

L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue.

On a consolidated basis, the company's net profit surged 118.43% to Rs 5,520.27 crore on 12.15% decline in net sales to Rs 31,034.74 crore in Q2 September 2020 over Q2 September 2019.

Powered by Capital Market - Live News