Shares of Larsen & Toubro gained over 3.5% on Wednesday and hit a day’s high of Rs 2,251 against its previous close of Rs 2,170. The company informed the exchanges that it has bagged a ‘mega order’ for its hydrocarbon business on Wednesday, which led to a sharp surge in the stock price of the company.
The co’s Hydrocarbon Business (L&T Energy Hydrocarbon – LTEH) of Larsen & Toubro (L&T) has recently secured multiple offshore packages from a prestigious client in the Middle East. The mega order is worth more than Rs 7,000 crore. The scope of work comprises of engineering, procurement, construction & installation for various new offshore facilities and integration with existing installations, the company said in a filing.
“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,” said Subramanian Sarma, Whole-Time Director and Senior Executive Vice President of the company.
