L&T Group Co. Wins Contract For Hydrocarbon Business, Stock Trading Near 52-Week High

L&T Group Firm Larsen & Toubro Ltd. (L&T) informed the exchange on June 13, 2023, that the company wins a Contract for its Hydrocarbon Business. The stock of L&T surged 0.62%, ended at Rs. 2,354.40 apiece. It jumped 6% in the past 1 month. L&T is a large-cap Construction sector company. It has a market valuation of Rs. 3,30,906 crore. Check below to know more:

L&T Wins (Significant*) Contract for its Hydrocarbon Business

According to the regulatory filing by the Board of Directors of the company, "The Hydrocarbon business of Larsen & Toubro (L&T), has secured an offshore project from a prestigious overseas client. The scope of work comprises Engineering, Procurement, Construction & Installation for new offshore structures. L&T Energy Hydrocarbon is executing several domestic and international offshore projects and is committed to building its regional presence in geographies that it operates by growing local skills and talent, improving procurement from local vendors, engaging commercially with local contractors on the foundation of a sustainable workload."

Furthermore, "Organized under Offshore, Onshore, Construction Services, Modular Fabrication and Advanced Value Engineering & Technology (AdVENT) verticals, LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers. With over three decades of rich experience, the company has been setting global benchmarks in all aspects of project management, corporate governance, quality, HSE and operational excellence."

Background

Larsen & Toubro is a USD 23 billion 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 eight decades.

* Project Classification:

Classification	Significant	Large	Major	Mega
Value in ₹ Cr	1000 to 2500	2500 to 5000	5000 to 7000	>7000

Stock Movement

The stock jumped 0.62%, ended at Rs. 2,354.40 apiece on NSE. It jumped 3.36% in 1 week. It surged 6% in 1 month, and 10.34% in 3 months, respectively. The stock has given 53.68% positive return in 1 year, 154.15% in 3 years and 73.28% in 5 years, respectively.

The stock's recorded 52 week high as on May 02, 2023, is Rs. 2,416.35 apiece and 52-week low as on June 20, 2022, is Rs. 1,456.35 apiece, respectively.

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