Larsen & Toubro rose 1.9% to Rs 1,268.15 at 10:18 IST on BSE after the company said that its wholly owned subsidiary has won oil & gas subsea project.
The announcement was made during market hours today, 4 October 2018.Meanwhile, the S&P BSE Sensex was down 614.87 points, or 1.71% to 35,360.76
On the BSE, 1.68 lakh shares were traded in the counter so far compared with average daily volumes of 3.27 lakh shares in the past two weeks. The stock had hit a high of Rs 1,293.45 and a low of Rs 1,252.45 so far during the day. The stock hit a 52-week high of Rs 1,469.60 on 1 February 2018. The stock hit a 52-week low of Rs 1,124.50 on 23 October 2017.
L&T Hydrocarbon Engineering (LTHE), a wholly owned subsidiary of Larsen & Toubro, in consortium with Baker Hughes, a GE company and McDermott International, Inc. has been awarded the subsea contract for India's Oil & Natural Gas Corporation's (ONGC) largest deepwater oil & gas project, the development of block DWN-98/2 in the Krishna Godavari basin.
LTHE's scope of work encompasses fabrication engineering, procurement and coating of around 500 kms linepipes, stalk fabrication of around 300 kms linepipes and fabrication, testing a loadout of around 185 subsea structures including 6 subsea manifolds and onshore pipeline installation. The subsea award represents the largest single subsea contract awarded by ONGC. Delivery is scheduled for 2020 for the gas system and 2021 for the oil system.
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On a consolidated basis, net profit of L&T rose 43.15% to Rs 1472 crore on 18.78% rise in net sales to Rs 28283.45 crore in Q1 June 2018 over Q1 June 2017.
L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.
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