Larsen & Toubro shares rallied nearly 2 percent after the company started the financial year 2019-20 on a strong note, bagging a large contract for a new strategic gas export pipeline from Kuwait Oil Company.
The stock has gained nearly 9 percent in the last one month. It was quoting at Rs 1,407.70, up Rs 23.65, or 1.71 percent on the BSE, at 0922 hours IST.
“The new export gas strategic pipeline and its associated facilities will run a span of approximately 145 km. The new strategic gas export pipeline contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis,” the engineering and infrastructure major said in its filing.
L&T is currently executing a new 48″ Crude Transit Line (CTL) from North Kuwait to Central Mixing Manifold (CMM) located near Ahmadi (Kuwait).
“Bagging this order from KOC reflects confidence of oil and gas majors in L&T’s capabilities to execute large projects for the oil and gas industry globally,” L&T said.