Sensex constituent Larsen & Toubro (L&T) announced that its hydrocarbon offshore business vertical secured an “ultra-mega” order from a “prestigious client” in the Middle East. For L&T, an “ultra-mega” order is any project valued above ₹15,000 crore.
The Indian multinational firm neither specified any exact value for the deal nor disclosed who the client was.
The scope of the project secured by its unit, L&T Energy Hydrocarbon Offshore, includes “engineering, procurement, construction and installation of offshore structures, along with the upgradation of existing facilities.”
L&T Energy Hydrocarbon Offshore also has fabrication yards and a fleet of marine vessels for both shallow and deep-water field developments to provide engineering, procurement, construction, installation & commissioning (EPCIC) solutions in the offshore oil and gas sector.
“This ultra-mega order is a testament to the speed and precision with which the hydrocarbon offshore business vertical delivers complex projects across the globe,” L&T said in a regulatory statement.
Following the news, L&T’s stock jumped almost 2.4 per cent in the equities market, hitting a high of ₹3,504 per share on the BSE during the day. At market close, more than 8.32 lakh shares traded hands on the BSE with L&T settling 2.13 per cent higher at ₹3,495.10 apiece
