After bagging an order worth Rs. 1483 crore from ONGC, the stock of L&T in intraday trade on Friday reached a 52-week high of Rs. 1328 with gains of 1% against the closing price of Rs. 1315.4 of Thursday.
The contract was been won over by the company's subsidiary form, L&T Hydrocarbon Engineering, which has entered into an offshore agreement with ONGS for development of bassein.
The project encompasses 3 novel platforms, composite subsea power cable, clamp-on work and overhauling contract for 9 existing platforms in addition to 23-km subsea pipeline. The project under Bassein development 3 Well platform project is slated be completed by May of 2019.
At 12:15 hrs Larsen & Toubro was trading lower at Rs. 1313.50 on the BSE.