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Stock jumps after company received order from the ONGC for Daman development project

Published 13-06-2024, 03:14 pm
Stock jumps after company received order from the ONGC for Daman development project
LART
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ONGC
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The shares of this large-cap company gained up to 2.4 percent after the company received a new order from the Oil & Natural Gas Corporation (ONGC (NS:ONGC)), valued between Rs 2,500 crore to Rs 5,000 crore.

Larsen & Toubro Ltd has a market capitalization of Rs 5.08 lakh crore, the shares were trading in green at Rs 3,697.80 per share, increasing around 1.93 percent as compared to the previous closing price of Rs 3,629.35 apiece.

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According to the company filing, Larsen & Toubro Ltd has secured a significant order from the Oil & Natural Gas Corporation (ONGC) for Daman Upside Development Project-Wellhead Platforms & Pipelines (DUDP-WP), off India’s west coast.

Moreover, the work includes engineering, procurement, construction, installation, and commissioning of four Wellhead Platforms, a 140-km Pipeline, and associated Topside modifications at the Tapti Daman block at a Western offshore location.

Larsen & Toubro Ltd divides projects into five categories: important orders (Rs 1000-2,500 crore), big orders (Rs 2,500-5,000 crore), major orders (Rs 5,000-10,000 crore), ultra orders (Rs 10,000-15,000 crore), and ultra mega orders (>Rs 15,000 crore).

Commenting on this, Mr Subramanian Sarma, Whole-time Director & President (Energy), L&T said: “This order demonstrates ONGC’s confidence in L&T forged through execution of multiple complex offshore projects and also reinforces L&T’s commitment to contribute towards India’s energy security”.

Looking forward to the company’s financial performance, revenue magnified 15 percent from Rs 58,335 crore in Q4FY23 to Rs 67,079 crore in Q4FY24, but during the same time frame, net profit surged by 12 percent from Rs 4,459 crore to Rs 5,013 crore.

The company has a record order inflow of Rs 3 trillion in a year in which international orders increased to 38 percent in March 2024 from 28 percent last year.

Larsen & Toubro Limited is engaged in engineering, procurement, and construction (EPC) projects; hi-tech manufacturing; and services. Its segments include Infrastructure Projects, Energy Projects, Hi-Tech Manufacturing, IT & Technology Services, Financial Services, Development Projects, and Others.

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Written by:- Abhishek Singh

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The post Stock jumps after company received order from the ONGC for Daman development project appeared first on Trade Brains.

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