Shares of Larsen & Toubro (L&T) jumped 4 per cent on Wednesday trade as it received repeat mega orders for its hydrocarbon business. While the engineering and construction major did not disclose the amount, it classifies mega order as the one with over Rs 7,000 crore size.
The stock rose 3.96 per cent to settle at Rs 2,257 on BSE. The company’s market capitalisation rose Rs 12,093 crore to Rs 3,17,207 crore on BSE against Rs 3,05,113 crore in the previous session. With this, the stock has risen 8 per cent year-to-date and 22 per cent in the last six months.
The hydrocarbon business recently secured multiple offshore packages from a prestigious client in the Middle East, L&T said in a filing.
The scope of work comprises engineering, procurement, construction & installation for various new offshore facilities and integration with existing installations, it said.
Whole-Time Director and Senior Executive Vice President Subramanian Sarma said:
“LTEH Offshore has consistently demonstrated timely project delivery deploying end-to-end capabilities, including design, fabrication, and installation of large process platforms, living quarters, subsea systems, piping and other T&I works. Securing these repeat orders indicate customer satisfaction and is a testimony to customer’s faith in the team’s dedicated efforts towards developing and nurturing these capabilities.”
Sarma said the business is executing several domestic and international offshore projects and is committed to building its regional presence in geographies that it operates in.
“LTEH offers integrated design-to-build solutions across the hydrocarbon sector globally. Backed by over three decades of rich experience and extensive capabilities across the value chain, the Business has been setting global benchmarks in all aspects of project management, corporate governance, quality, health safety environment (HSE) and operational excellence.
Also read: Atul Auto shares: Why three-wheeler stock gained 29% in four sessions
Also read: Cyient’s unit gets SEBI approval for Rs 740 crore IPO
