L&T rises as its arm bags order worth Rs 894 crore from ONGC

29 Dec 2014

Larsen & Toubro (L&T) is currently trading at Rs. 1502.50, up by 12.45 points or 0.84% from its previous closing of Rs. 1490.05 on the BSE.

The scrip opened at Rs. 1495.35 and has touched a high and low of Rs. 1506.00 and Rs. 1493.55 respectively. So far 21230 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1774.70 on 09-Jun-2014 and a 52 week low of Rs. 951.60 on 10-Jan-2014.

Last one week high and low of the scrip stood at Rs. 1541.00 and Rs. 1475.00 respectively. The current market cap of the company is Rs. 139657.13 crore.

The institutions and non-institutions held 54.52% and 43.24% stake in the company, respectively.

L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro (L&T), has bagged an offshore contract valued at Rs 894 crore from the Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project.

The contract, won against international competitive bidding, includes total ‘EPCI’ solutions - engineering, procurement, construction and installation of two wellhead platforms, subsea pipelines and modification of existing facilities in Heera-PannaBassein Block of Mumbai Offshore. The project, part of ONGC’s strategy to improve recovery factor of Vasai East field where production started in 2008, is scheduled to be completed by April 2016.

L&T has been serving the upstream hydrocarbon sector since the early 90s. This contract reiterates the long term association of ONGC with L&T in the development of offshore fields in India. The Company’s offshore track record includes successful completion of several challenging projects for domestic and international clients.

LTHE provides complete ‘EPCI’ solutions for the offshore Oil & Gas industry. It combines customized engineering, procurement, fast-track project management and world-class fabrication, and sea installation capabilities meeting stringent timelines and conforming to global safety standards. 

 

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