L&T stock gains on bagging major orders for Hydrocarbon business

Larsen & Toubro (L&T) bagged major offshore orders from a prestigious overseas client for its hydrocarbon business.

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Shares of Larsen & Toubro (L&T) rose more than two percent on March 21 after the conglomerate bagged major offshore orders from an overseas client for its hydrocarbon business.

The company classifies order value of Rs 5,000-7,000 crore as major orders.

At 11:43 am, shares of the company were trading percent 1.7 higher at Rs 2,214.75 apiece on the BSE. L&T‘s stock has rallied 26 percent in the past one year and has jumped over 150 percent in the past three years.

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“The scope of work comprises engineering, procurement, construction & installation of offshore structures and upgradation of existing facilities,” the Engineering, Procurement and Construction (EPC) major said in an exchange filing.

The company primarily operates in infrastructure, heavy engineering, defence engineering, power, hydrocarbon, services business segments. Infrastructure segment contributes around 45 percent to consolidated revenue followed by services which is about 30 percent.

Read more | Sunil Singhania, Madhu Kela bump up stake in this smallcap engineering company; stock gains

Analysts said L&T’s strong order book of Rs 3,72,381 crore, suggested good revenue visibility in coming years.