L&T rises after hydrocarbon unit bags 'large' order

L&T gained 2.05% to Rs 1340.55 after the company's subsidiary L&T Hydrocarbon Engineering won a 'large' offshore contract from ONGC for their new living quarter and revamp at NQ Complex.

The contract involves engineering, procurement, construction, installation and commissioning of a new living quarter platform, 'NQL Platform' of 120 men capacity, bridge (with intermediate support) to existing 'NQO Complex' and major revamping / replacement of existing process systems / facilities at 'NQ Complex' in ONGC's Mumbai High Asset on the West Coast of India.

The above contract was awarded through international competitive bidding on a Lump Sum Turnkey (LSTK) basis. As per L&T's classification, the value of the contract lies between Rs 2,500 and Rs 5,000 crore.

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.

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