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L&T extends gains after subsidiary secures two more orders from Saudi Aramco

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L&T rose 1.09% to Rs 1,364.05 at 14:30 IST on BSE after the company's wholly owned subsidiary, L&T Hydrocarbon Engineering led consortium secured two more orders from Saudi Aramco.

The announcement was made during market hours today, 2 January 2017.

Meanwhile, the BSE Sensex was up 36.62 points or 0.13% at 26,659.88.

On the BSE, 47,454 shares were traded on the counter so far as against the average daily volumes of 2.31 lakh shares in the past one quarter. The stock had hit a high of Rs 1,366.50 and a low of Rs 1,350 so far during the day.

The stock hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,016.60 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, declining 2.4% compared with the Sensex's 0.1% fall. The scrip had also underperformed the market over the past one quarter sliding 5.75% as against the Sensex's 4.45% fall.

The large-cap company has equity capital of Rs 186.54 crore. Face value per share is Rs 2.

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of L&T, in consortium with EMAS CHIYODA Subsea, has announced the conclusion of two awards involving engineering, procurement, construction and installation (EPCI) contracts from Saudi Arabian oil giant and biggest oil company in world, Saudi Aramco.

The contract is awarded to supply and install four wellhead decks in the Safaniya field and another award to upgrade on 17 platforms in various offshore fields in the Arabian sea off the coast of Saudi Arabia.

The long term agreement awarded by Saudi Aramco to the LTHE - EMAS CHIYODA Subsea Consortium in June last year has been very successful and the consortium is poised to remain a substantial service provider to Aramco and participate in the development of capabilities in Kingdom over the long term.

L&T Hydrocarbon Engineering provides complete EPCI solutions for the offshore oil & gas industry combining customized engineering, procurement, fast-track project management and world-class fabrication & installation capabilities meeting stringent timelines and conforming to international safety standards

Separately, L&T said that it has been identified as the implementation partner by the government to convert Pune into a smart city. The announcement was made during market hours today, 2 January 2017.

The letter of intent for the Pune smart city project was handed over by the Municipal Commissioner of Pune, Kunal Kumar to representatives of L&T Construction's Smart World & Communication Business Unit, which will be executing the project. This unit offers end-to-end solutions comprising security solutions, communication network and telecom infrastructure and smart infrastructure as a master systems integrator in collaboration with other businesses within the L&T Group.

The Pune smart city project includes a revenue monetization model, the country's first in smart cities domain.

On a consolidated basis, L&T's net profit jumped 84.3% to Rs 1434.63 crore on 8.5% growth in net sales to Rs 24923.98 crore in Q2 September 2016 over Q2 September 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with $16 billion in revenue. L&T Construction is a division of L&T.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 02 2017. 14:26 IST