Shares of Larsen & Toubro (L&T) were up 3 per cent to Rs 1,423 on the BSE in early morning trade after the company said it has won a large order from Kuwait Oil Company (KOC). The stock is trading close to its all-time high level of Rs 1,470, touched on February 1, 2018.
The engineering and construction company, however, did not provide the exact value of the contract; but as per its project classification, the value of the contracts was in "large" category which is in the range of Rs 2,500 to Rs 5,000 crore.
“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,” L&T said in a press release.
L&T is currently executing a new 48" Crude Transit Line (CTL) from North Kuwait to Central Mixing Manifold (CMM) located near Ahmadi (Kuwait), it added.
In the past five weeks, L&T has outperformed the market by surging 12 per cent, as compared to 8 per cent rise in the S&P BSE Sensex.