L&T wins two orders for hydrocarbon business, stock trading flat

Shares of Larsen & Toubro (L&T) were trading flat in the afternoon session today after the infra major said its hydrocarbon business (L&T Energy Hydrocarbon - LTEH) has won two prestigious orders for its Asset Management and AdVENT business verticals.

Shares of L&T fell 0.21% to Rs 2,190 against the previous close of Rs 2194.70 on BSE. In early trade, the stock gained 0.63% to Rs 2208 on BSE.

L&T stock opened flat at Rs 2,195 on BSE.  The shares have gained 16.44% in a year and risen 15.57 % in 2022. Total 0.21 lakh shares of the firm changed hands amounting to a turnover of Rs 4.55 crore in the afternoon session. Market cap of the firm rose to Rs 3.07 lakh crore on BSE.

The infra major said Larsen & Toubro Energy Hydrocarbon - Asset Management (LTEH-AM), a new business vertical for operations and maintenance (O&M) and associated services in the global market, has secured its first integrated O&M contract from Vedanta Limited, Cairn Oil & Gas division.

The 5-year contract is for integrated O&M of upstream oil & gas facility at Raageshwari Gas Terminal and associated Gas Well Pads and South Satellite Fields, located in Rajasthan, India.

Also Read: L&T stock hits 52-week high today; is it still a buy?

Further, the AdVENT business vertical has received an order for Engineering, Procurement and Construction (EPC) of a Hydrogen Generation Unit (HGU) from Matheson Tri Gas, Inc. (Matheson), a subsidiary of Nippon Sanso Holdings Corporation (NSHD).

Matheson's Global HYCO business group won the order for this HGU from Numaligarh refinery in Assam, on a "Build - Own - Operate (BOO)" basis for 20 years with Topsoe, Denmark as the overall process licensor for the unit.

Subramanian Sarma, Whole-time Director & Sr. Executive Vice President (Energy) - L&T said,"These orders reaffirm L&T's execution prowess across the hydrocarbon value chain and leadership as a one-stop solution provider which is translating into growing partnerships with global oil & gas majors. These will go a long way in growing the Indian energy sector and reduce our dependence on imports."