L-;T stock touches new 52 weeks high after subsidiary wins mega contracts for two offshore packages

13 Jan 2022 , 03:22 PM

Larsen & Toubro scrip touches a new high followed by its announcement to bag new offshore packages from two overseas clients. The share touched a new 52-week high of Rs 2028.60 per piece as against its previous closing price of Rs 1974.20. 

Currently, the stock trades at Rs2,017 surging 1.5%. Notably, the  scrip’s intraday has also clocked the day’s low of Rs 1975.55. 

On Wednesday, L&T announced that its  consortium led by L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of the company, has secured two offshore packages from a prestigious overseas client.

L&T said that the scope of work comprises EPC for new facilities and integration with existing installations.

LTHE is currently executing several domestic and international offshore projects. LTHE is also committed to building its regional presence in geographies that it operates by growing local skills and talent, improving procurement from local vendors, engaging commercially with local contractors on the foundation of a sustainable workload. LTHE offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.