L&T gains on winning orders worth Rs 1,920 crore
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Shares of L&T have gained nearly 1% to Rs 1,623 on the BSE after the company said its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE) has secured new orders in the offshore and onshore segments worth Rs 1920 crore from domestic oil and gas majors.
An offshore contract worth Rs 1340 crore from Oil & Natural Gas Corporation (ONGC), includes engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field of ONGC. The project is scheduled for completion by March 2016, L&T said in a statement.
In the onshore segment, L&T Hydrocarbon Engineering (LTHE) secured a contract valued at about Rs 580 crore from a leading company engaged in hydrocarbon downstream processing. The contract involves engineering, procurement and construction of a dual service cryogenic storage tank facility suitable for liquid ethane and liquefied natural gas and engineering work for the balance of the facilities to be installed at the manufacturing complex, L&T said in a statement.
The stock opened at Rs 1,621, touched a high of Rs 1,630 and a low of Rs 1,617 on the BSE. A total of 65,454 shares have been exchanged on the BSE so far.
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