Engineering major Larsen and Toubro Limited (L&T) in the stock exchange filing said its wholly owned subsidiary L&T Hydrocarbon Engineering bagged a significant order from Oil & Natural Gas Corporation Limited (ONGC).
The L&T, however, did not disclose the exact value of the contract, but according to the project classification, the value of the contracts is estimated in the range of Rs.1000 to 2500-Crore. It said the contract has been awarded via international competitive bidding channel, on a Lump Sum turnkey basis.
This development is yet to elevate investor sentiments, as the stock of L&T seen volatile in trade on the NSE and BSE.
The stock opened at Rs1350 touched a high of Rs1363 and a low ofRs1340 and was currently (at 1.30pm) trading at Rs1346.70 down Rs5.70 per share against its Thursday’s closing price. In comparison, the BSE Sensex is lower by 124points at 36600-level and Nifty down 44points at 11013-levels.