LT hits 52-week high on order win worth Rs 1,483 crore from ONGC
Share price of Larsen & Toubro (L&T) touched a 52-week high of Rs 1,328, gaining 1 percent intraday Friday as its subsidiary won order worth Rs 1,483 crore.
The company’s wholly owned subsidiary L&T Hydrocarbon Engineering has signed an offshore contract for bassein development 3 Well Platform & Pipeline project with Oil & Natural Gas Corporation (ONGC) valued at approximately Rs 1,483 crore (USD 229 million USD).
The contract includes 3 new wellhead platforms, 23- kilometer subsea pipeline, composite subsea power cable, clamp-on work on an existing platform and modification work on nine existing platforms in the western offshore basin in India.
The project, part of ONGC’s strategy to jointly develop three small and marginal fields/blocks namely B-147, BSE-11 and NBP-E under Bassein development 3 Well platform project, is scheduled to be completed by May 2019.
At 10:42 hrs Larsen & Toubro was quoting at Rs 1,324.50, up Rs 9.10, or 0.69 percent on the BSE.
Posted by Rakesh Patil