L&T gains as subsidiary bags Rs. 1,600 crore order
Shital Jibhe / 07 Dec 2017
L&T Hydrocarbon Engineering, which is a subsidiary company of engineering and construction major, won an order worth over Rs. 1,600 crore from Hindustan Petroleum Corporation, Visakhapatnam Refinery.
Share price of Larsen and Toubro (L&T) spiked up more than 1 per cent in the early trade on Thursday. At 10:21 hours, the stock traded at Rs. 1205.90, up 1.33 per cent on the BSE.
L&T Hydrocarbon Engineering, which is a subsidiary company of engineering and construction major, won an order worth over Rs. 1,600 crore from Hindustan Petroleum Corporation, Visakhapatnam Refinery.
The project is a part of HPCL Visakh Refinery modernization and involves engineering, procurement, construction and commissioning of full conversion hydrocracker project. The company has been serving the onshore hydrocarbon sector since early 1990s. The company’s track record includes successful completion of several challenging projects for domestic and international clients.
The share touched its 52-week high Rs. 1,274 on November 10, 2017 and 52-week low on December 23, 2016. The stock surged nearly 32 per cent in the last one year.
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