L&T gains on winning contract worth Rs 1,700 crore in Kuwait

The stock was up 1.5% to Rs 1,244 on BSE, trading close its record high of Rs 1,262 touched on March 4, 2015 in intra-day trade.

Larsen & Toubro (L&T) was up by 1.5% to Rs 1,244 on BSE after the company announced that it has won contract valued around Rs 1,700 crore to build crude oil pipeline from Kuwait Oil Company (KOC), Kuwait.

“L&T’s hydrocarbon division has bagged a major pipeline contract with a value close to Rs 1,700 crore from Kuwait Oil Company (KOC) for engineering , procurement and construction of new 48” crude transit line (TL-5) from North Kuwait to Ahmadi,” the company said in a press release.

The completion of the project is scheduled in the third quarter of 2020, it added.

L&T is trading close to its record high of Rs 1,262 touched on March 4, 2015 on BSE in intra-day trade.