L&T gains on winning four EPC orders in the Gulf

Larsen & Toubro (L&T) is trading in the green on the BSE after the company bagged four EPC orders from Qatar, UAE & Oman aggregating $217.45 million.

The scrip is currently trading at Rs 1543.20 per share, up 59.65 points or 4.02% on the BSE.

The stock opened at Rs 1499.90 as compared to its previous close of Rs 1483.55. Intraday, the counter touched a high and a low of Rs 1550 and Rs 1499.90, respectively.

So far, 4,83,053 shares of the company were traded on the BSE.

The stock touched its 52-week high of Rs 2825 on September 8, 2008 and a 52-week low of Rs 557 on March 9, 2009.

The stock has gained 9.30% since the past one week and 2.96% since the last one month.

Engineering and construction major, Larson & Toubro (L&T) has bagged four EPC orders from Qatar, UAE & Oman aggregating to $217.45 million for the construction of electrical substations for prestigious customers like Qatar Petroleum, KAHRAMAA, Dubai Electricity & Water Authority (DEWA) and Oman Electricity & Transmission Company (OETC).

The order from Qatar Petroleum is worth $153.45 million for construction of four substations, 132 kV cabling, 33 kV & 11 kV power distribution including telecom network development etc at Ras Laffan.

The project is one of the key phases of the overall development of Ras Laffan Industrial City in Qatar and is scheduled to be completed in 32 months.

Other orders includes, $20 million contract from KAHRAMAA for construction of one 66/11 kV gas insulated substation (GIS) at Education City, Doha, $24 million order from DEWA for construction of one 132/11 kV GIS at Dubai and another order has been bagged by company’s joint venture (JV) arm, L&T Oman from OETC for construction of one 132/33 kV GIS substations at Nakhal Area, Oman amounting to $20 million.

These projects will be executed by Electrical & Gulf Projects Operation Company (E&GP OC) – part of L&T’s Construction Division.

The new orders mark a major milestone in L&T’s efforts in the Electrical Projects Sector across the Gulf markets and consolidating its leadership position in the region.