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L&T shares rally after subsidiary LTHE bags large contract for coke calciner project in Oman

L&T shares opened at Rs.1,378.50 on BSE and rallied to a high of Rs.1,389, a 0.9 per cent jump against the previous close of Rs.1,377.20. The share scored 12 points rise on NSE platform as well, after reaching Rs. 1,388.80 from previous day's close of Rs.1,376.75.

twitter-logo BusinessToday.In        Last Updated: March 26, 2019  | 14:57 IST
L&T shares rally after subsidiary LTHE bags large contract for coke calciner project in Oman
L&T Hydrocarbon Engineering Limited (LTHE)--a wholly owned subsidiary of Larsen & Toubro--wins a large order contract in Oman

Larsen & Toubro shares rose almost 12 points on Tuesday after the company informed the exchanges about L&T Hydrocarbon Engineering Limited (LTHE)--a wholly owned subsidiary of Larsen & Toubro--winning a large order contract for coke calciner project in Sohar industrial estate located in Oman.

L&T shares opened at Rs.1,378.50 on BSE and rallied to a high of Rs.1,389, a 0.9 per cent jump against the previous close of Rs.1,377.20. The share scored 12 points rise on NSE platform as well, after reaching Rs. 1,388.80 from previous day's close of Rs.1,376.75.

At 10:20 am, the shares of Larsen & Toubro quoted 0.38 per cent or 5.30 points up at Rs 1,382.50 on BSE and Rs 1,382.35, 0.41 per cent or 5.6 points up on NSE.

The release read, "The contract scope includes the selection of technology licensor, FEED & EPC for a 2 x 225,000 TPA plant of calcined coke from green pet coke. Process facilities include material handling, rotary kiln and cooler, combustion chamber, gas separation and associated offsite & utilities packages."

It added, "This award will further reinforce L&T's operations in Oman and provide an opportunity to contribute to the expansion of industrial facilities in Sohar."

As per the project classification mentioned in the release, Larsen & Toubro got awarded a Large* contract that values in the range of Rs 2,500 to 5,000 crore.

The share price of L&T has gained momentum of around 6.5 per cent in one year, 4.75 per cent half-yearly, and at the rate of 8.20 per cent in one month's term on both the trading platforms.

Today's high of Rs 1,389 lies 4.80 per cent below the 52-week high of the company quoting at Rs 1,459.10, achieved on December 21, 2018. L&T shares price band of the day lies in the range of Rs.1,514.90 and Rs.1,239.50, with a volume-weighted average price (VWAP) of Rs. 1,381.58. The stock also trades above 5, 20, 50, 100 and 200-day moving average.

The deliverable quantity to traded quantity lies at 54.24 per cent on BSE and at 59.64 per cent on NSE. The volume traded is 21,000 and 2.5 lakh shares on BSE and NSE respectively.

(Edited by Rupa Burman Roy)

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