L&T rose 1.15% to Rs 1,022.90 at 13:23 IST on BSE after the company said its Saudi Arabian subsidiary has secured a major international engineering, procurement and construction order from the Saudi Arabian Oil Company.
The company did not disclose the value of the order. The announcement was made during trading hours today, 7 January 2014.
Meanwhile, the BSE Sensex was down 92.65 points, or 0.45%, to 20,694.65.
On BSE, so far 1.43 lakh shares were traded in the counter, compared with an average volume of 2.80 lakh shares in the past one quarter.
The stock hit a high of Rs 1,028 and a low of Rs 1,008.60 so far during the day. The stock hit a 52-week high of Rs 1,152.40 on 9 December 2013. The stock hit a 52-week low of Rs 678.10 on 28 August 2013.
The stock had underperformed the market over the past one month till 6 January 2014, sliding 7.77% compared with the Sensex's 1% fall. The scrip had, however, outperformed the market in past one quarter, rising 23.32% as against Sensex's 4.38% rise.
The large-cap company has an equity capital of Rs 185.21 crore. Face value per share is Rs 2.
L&T announced that the power transmission & distribution business of L&T Construction, through its fully-owned subsidiary L&T Saudi Arabia LLC, has bagged a major international engineering, procurement and construction (EPC) order in the Kingdom of Saudi Arabia from the Saudi Arabian Oil Company (Saudi Aramco). Larsen & Toubro Saudi Arabia LLC is one among multiple joint ventures of L&T in the high-growth market of Saudi Arabia.
This order has been secured for the construction of 55 kilometre (km) of 230 kilovolt (kV) double circuit overhead transmission line and underground cabling. the purpose of this project is to replace the existing 115kV electrical power supply system by the new 230kV power system at the Abu AU Plants to overcome existing electrical system deficiencies and to meet future electrical demand load required by Berri field to maintain the production at 250 MBCD and to support Karan and Arabiyah fields, L&T said in a statement.
The scope involves detailed design, engineering, site investigation, survey, material procurement, transportation, installation, as-built documentation, training, mechanical completion, pre-commissioning of the onshore facilities associated with construction of 230kV double circuits, overhead transmission tines/power cables from Wasit Cogeneration substation with associated gantries and transmission yards up to the beach transition yard at Khurasaniyah area and from Abu Ali Plant 230kV substation with associated gantries and transmission yards up to the beach transition yard at Abu All Island. The project will be completed in 26 months, L&T said.
With significant growth potential in oil production in the Kingdom, the winning of this order not only comes at a most opportune time but is also strategic from the point of view of L&T's capability to execute such projects in an extremely competitive environment. It is also a significant step forward in L&T's expansion plans into the international arena," said S.N. Subrahmanyan, member of the board and senior executive vice president at L&T.
On Monday, 6 January 2014, L&T said L&T Construction won new orders worth Rs 2962 crore across various business segments.
L&T's net profit declined 14.1% to Rs 977.51 crore on 10% growth in net sales to Rs 14509.51 crore in Q2 September 2013 over Q2 September 2012.
L&T is a $14 billion technology, engineering, construction, manufacturing and financial services conglomerate, with global operations.
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