Construction Stock Bags $4 Bn Order From Saudi Aramco, Shares Hit 52-Week High

Shares of large cap construction company, Larsen & Toubro hit back-to-back 52-week high soon after the company bagged 2 orders worth approximately $4 billion from Saudi Aramco, according to reports. A West Asian business intelligence website estimated the total value of the order to be around $3.9 billion. L&T shares offered 215% return in last 3-years. It is worth noting that market capitalisation of Larsen & Toubro has also crossed the 4-lakh crore mark.

According to MEED (formerly Middle East Economic Digest), L&T has bagged two engineering, procurement, and construction (EPC) orders as part of Saudi Aramco's second expansion phase of its Jafurah unconventional gas production project. Reports state that L&T has been assigned with setting up a gas processing plant and its main process units. L&T will construct gas compression units, as part of the Jafurah unconventional gas production project.

In the first contract, L&T will to set up a gas processing plant and its main process units is estimated to be worth $2.9 billion (Rs 240 billion). And, in the second contract, L&T will construct gas compression units is worth $1 billion (Rs 83.2 billion).

Larsen & Toubro Stock Performance & Return: Current market price of Larsen & Toubro share is Rs 2890.20 apiece with intraday gain of 1.52%. Its 52-week high price is Rs 2927.95 per share and 52-week low price is Rs 1798.00 per share, respectively. L&T shares gained 23% in last 3-months, gained 38% YTD, surged 46% in last 1-year, 73% in last 2-years, and offered shareholders return of 215% in last 3-years. L&T stock hit 52-week high on September 7 and September 8. Current market capitalisation of Larsen & Toubro on BSE is Rs 4,06,260.59 crore.

L&T Financials: The company for the quarter ended June 30, 2023 announced its consolidated total income at Rs 49,027.93 crore, down 17.01% as against its last quarter total income of Rs 59,076.06 crore. The company in its latest quarter announced its net profit after tax at Rs 3,116.12 crore.

L&T About: Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer-focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for over eight decades, according to its official website.

Disclaimer

The stock just highlights the rally in share after the company bagged new order and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for ay losses. Please consult a professional advisor.