Larsen Toubro wins contract worth Rs. 2,200 crore, stock up
The share price for Larsen Toubro surged by over 1.50 per cent on the bourses as the company’s wholly-owned subsidiary L&T Hydrocarbon Engineering bagged orders worth Rs. 2,200 crore on Monday. The subsidiary signed a significant contract with Abu Dhabi based Al Dhafra Petroleum Operations Company Limited for EPC field development.
Al Dhafra Petroleum, a petroleum firm is a joint venture between ADNOC and Korea National Oil Corporation (KNOC) and GS Energy, represented by Korean Abu Dhabi Oil Consortium (KADOC). The contract will include engineering, procurement, construction and commissioning of flow lines, gathering facilities and pipelines to transfer crude oil and gas from Haliba fields to the processing facility at Asab and installation of 132kV and 33 kV overhead electrical transmission lines in order to supply power.
The order book of the company stood at Rs. 2,707 billion for the first nine months of FY18, up by 5 per cent on a yearly basis. For the third quarter of FY18, the company’s profit after tax rose by over 48 per cent on a yearly basis and the EBITDA grew by 25 per cent on a yearly basis for the same period. The company has recorded an over 33 per cent rise in its stock prices over the last one year.
Larsen Toubro hit an intraday high of Rs. 1,355 per share, up 1.92 by per cent and an intraday low of Rs. 1,333 per share on BSE on Monday. The stock had hit its 52-week high of Rs. 1,469.60 per share on February 1, 2018 and its 52-week low of Rs. 973.99 per share on March 3, 2017 on BSE, respectively.