Larsen & Toubro rises after bagging large order from ONGC

Larsen & Toubro added 1.3% to Rs 1,936 after the EPC major's wholly owned subsidiary, L&T Hydrocarbon Engineering secured a contract from Oil & Natural Gas Corporation for the seventh development phase of their pipeline replacement projects.

As per L&T's classification, the value of the large project is between Rs 2,500 crore to Rs 5,000 crore.

The EPCIC contract involves Engineering, Procurement, Construction, Installation and Commissioning of 350 kms subsea pipelines and related offshore works spread out across India's west coast offshore fields of ONGC. L&T said the contract is awarded through international competitive bidding,

Organized under offshore, onshore, construction services, modular fabrication and Advanced Value Engineering & Technology (AdVENT) verticals, &T Hydrocarbon Engineering offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services.

The company's consolidated net profit fell 67% to Rs 1,819.45 crore on 12% increase in net sales to Rs 34,772.90 crore in Q2 FY22 over Q2 FY21.

The EPC company will announce its financial results for quarter ended 31 December 2021 today, 28 January 2022.

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