Larsen & Toubro bags Rs 894 cr order from ONGC; stock gains

MUMBAI: Shares of Larsen & Toubro moved higher in trade after the company’s subsidiary L&T Hydrocarbon Engineering bagged offshore contract worth Rs 894 crore from ONGC.

The contract is for additional development of the Vasai East project. It includes total ‘EPCI’ solutions of two wellhead platforms, subsea pipelines and modifications of existing facilities in Heera-Panna-Bassein Block of Mumbai Offshore.

The project, part of ONGC’s strategy to improve recovery factor at Vasai East field where production started in 2008, is scheduled to be completed by April 2016.

At 09:55 a.m.; L&T was at Rs 1,503.70, up 0.92 per cent, on the BSE. It touched a high of Rs 1506 and a low of Rs 1493.55 in early trade.