L&T gains on winning Saudi Aramco contract

Posted By: Religare
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Shares of engineering major Larsen & Toubro (L&T) Ltd gained over 1 per cent in the morning trade on BSE after the company said its construction arm has bagged a major engineering procurement and construction (EPC) order in Saudi Arabia from the Saudi Arabian Oil Company (Saudi Aramco).

At 12:05 hours, shares of the company were trading at Rs 1,021.55 a piece, up 1.01 per cent from previous close on BSE.

The contract was secured by L&T Construction's fully owned subsidiary L&T Saudi Arabia LLC.

The order is for the construction of 55 km of 230kV Double Circuit Overhead Transmission line and underground cabling while the project will be completed in 26 months, L&T Ltd said in a filing to the Bombay Stock Exchange (BSE).

The objective of the project is to replace the existing 115kV electrical power supply system by the new 230kV power system at the Abu Ali Plants to overcome existing electrical system deficiencies.

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