L&T secures its largest order ever worth ₹15,000cr
What's the story
In a major development, Larsen & Toubro (L&T) has bagged its biggest order in the offshore hydrocarbon segment, worth more than ₹15,000 crore.
QatarEnergy LNG awarded the contract for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4).
L&T Energy Hydrocarbon (LTEH), a subsidiary of L&T, will execute the project.
Project details
L&T to enhance global energy portfolio
S N Subrahmanyan, the Chairman and Managing Director of L&T, thanked QatarEnergy LNG for their trust in the company.
He said this project strengthens the company's global energy portfolio while supporting Qatar's energy security objectives.
The scope of work includes engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes with large offshore platforms with compression & power generation facilities.
Market response
L&T's share price rises following contract announcement
After the announcement of this major contract, L&T's shares witnessed an uptick.
The shares hit an intraday high of ₹3,496.8 per share on the NSE, a 0.78% increase.
However, they later trimmed their gains to close at ₹3,451 per share with a marginal decline of 0.5%.