L&T Shares Rise On Securing Mega Order Worth Over Rs 7000 Crore In Middle East

Larsen & Toubro (L&T) shares traded in the green on Wednesday after the company informed via an exchange filing that its Hydrocarbon business has secured a Letter of Intent for a Mega onshore project worth almost over Rs 7000 crore from a prestigious client in the Middle East.

L&T shares were up 0.81% at Rs 3099.85 per share at 12:48 pm IST. According to the company, the scope of work involves engineering, procurement, and construction of Gas Compression Plants consisting of Gas Inlet Facilities, Gas Compression Systems, Produced Water Handling, Propane Refrigeration System, Condensate Transfer and Utilities for Gas Compression Facilities in new onshore facilities and its integration with existing Gas Compression Plants. "To cater to the power supply requirements of the Gas Compression Plants, 3 Nos of 230 kV Extra High voltage substations will be set up by the Power Transmission & Distribution arm of L&T Construction," said the company.

Commenting on this development, L&T Chairman & Managing Director S N Subrahmanyan said: "One doesn't get to win such an order every day. This is something unique for L&T and a matter of pride for India - for we are a true Indian multinational. This also shows our capabilities to perform and deliver on time and the enormous trust that our client has on us to manage such complex projects."

"Earning such a large order from a reputed customer is a reflection of our consistent commitment to excellence, quality, and customer satisfaction. We are deeply honored by customer faith and will continue to deliver execution par excellence," said Subramanian Sarma, Whole-time Director and Senior Executive Vice President (Energy).

In the last one year, L&T shares have gained 64.81%, while the stock's year-to-date (YTD) performance is up almost 48.30%.