At 1:15 pm, the stock was up by 4.81% or 2.25 points at Rs 49.05 on the BSE.
The project would include designing, engineering, procurement, fabrication, installation of 122 km of submarine pipeline and modification on existing facilities among others, the company said in press release.
With this the company's order book rose to Rs 27,178 crore.
The scheduled time frame for commissioning of the project is May 2013.
On the National Stock Exchange, the stock posted similar gains and was seen up at Rs 49.10.