L&T gains on winning contract of Rs 894 crore from ONGC
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Shares in Larsen and Toubro (L&T) were trading higher by nearly 1% at Rs 1,502 on NSE after the company said it has bagged an offshore contract valued at Rs 894 crore from the Oil & Natural Gas Corporation (ONGC).
L&T Hydrocarbon Engineering (LTHE), a fully owned subsidiary of Larsen & Toubro, has bagged an offshore contract valued at Rs 894 crore from the Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project, L&T said in a press release.
The project, part of ONGC’s strategy to improve recovery factor of Vasai East field where production started in 2008, is scheduled to be completed by April 2016, it added.
The stock opened at Rs 1,495 and hit a high of Rs 1,505 on NSE so far. A combined 108,534 shares changed hands on the counter in first 20 minutes of trading on NSE and BSE.
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