Last updated: Apr 05, 2023, 12:32 PM IST
L&T receives orders worth Rs 60,710 crore at group level during the quarter ended 31 December 2022, a growth of 21 percent year-on-year. (Photo: Reuters)
Shares of engineering and construction conglomerate Larsen & Toubro move toward their 52-week high
Shares of Larsen & Toubro Ltd rose nearly 3 per cent on Wednesday to Rs 2,228.90 on the BSE after the company said in a post to the stock exchange that it has landed a mega order for its hydrocarbon business.
However, the engineering and construction company did not give the exact value of the contract but specified that according to its classification, a mega project is more than Rs 7,000 crore.
“L&T’s Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) recently won multiple offshore packages from a prestigious client in the Middle East,” the company said in a press release.
The scope of work includes engineering, procurement, construction and installation for several new offshore facilities and integration with existing facilities, the company said.
“LTEH Offshore has consistently demonstrated timely project delivery by 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 indicates customer satisfaction and demonstrates customer confidence in the team’s dedicated efforts to develop and nurture these capabilities.” said Subramanian Sarma, Full-time Director and Senior Executive Vice President.
LTEH provides comprehensive design-to-build solutions for the hydrocarbon industry worldwide. More than three decades of expertise has enabled it to set global standards in project management, corporate governance, quality assurance, health and safety, environmental sustainability and operational excellence.
So far in the current calendar year 2023, L&T has outperformed the market by up 6.5 percent, compared to a 2.7 percent decline in the S&P BSE Sensex. The share reached an all-time high of Rs 2,297.30 on 20 January 2023.
L&T is primarily active in the infrastructure, heavy engineering, defense engineering, energy, hydrocarbons and services business segments. The infrastructure segment contributes about 45 percent of consolidated revenue, followed by services (about 30 percent).
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