Shares of Larsen & Tourbo
gained 1% in early morning trade on Tuesday. L&T Hydrocarbon Engineering ("LTHE"), a wholly-owned subsidiary of Larsen & Toubro, in consortium with Subsea 7 has won an award for two projects from Saudi Aramco.
The award consists of engineering, procurement, construction, and installation (EPCI) of three oil production deck manifolds and Subsea Pipelines in the Zuluf and Berri fields of Saudi Aramco. The company announced the news in an exchange filing on Tuesday morning.
“LTHE has three fabrication yards and this project will be built at its flagship facility at Hazira in Gujarat, India, established to "design and build" offshore oil & gas projects,” the company mentioned in the exchange filing.
"This is the fifth award for the consortium and provides for a significant project pipeline for the firm. At present, there are four offshore contracts under execution by the consortium for Saudi Aramco," L&T added in the BSE filing.
L&T’s order book as of Q2FY19 stood at Rs2.8 lakh cr. The order inflow (ex services) grew 51% yoy to Rs33,900cr during Q2FY19 led by pickup in tendering activity post GST-related headwinds. Higher share of shorter-cycle water and T&D projects in the order book are expected to lead to faster execution in the coming quarters.
Larsen & Toubro Ltd is currently trading at Rs1,345 up by Rs11 or 0.82% from its previous closing of Rs1,334 on the BSE.
The scrip opened at Rs1,342.10 and has touched a high and low of Rs1,348 and Rs1,336 respectively. So far 5,14,727 (NSE+BSE) shares were traded on the counter.