L&T Jumps After Subsidiary Bags Rs 2,500 Crore-Rs 5,000 Crore Order From ONGC

Larsen & Toubro Ltd.’s subsidiary L&T Hydrocarbon Engineering Ltd. secured a ‘large’ contract from ONGC for the seventh development phase of their pipeline replacement projects.

  • The order value is in the range of Rs 2,500 crore-Rs 5,000 crore.
  • Shares of Larsen & Toubro rose nearly 1.5% in intraday trade. Trading volume on the stock is nearly twice the 30-day average volume, at this time of the day.
  • The company is set to announce its December-quarter earnings today.
  • Of the 43 analysts tracking the company, 41 maintained ‘buy’, one maintained ‘hold’ and one maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 16.3%.

Source: Exchange Filing

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