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What is the story about?
Larsen and Toubro (L&T) Ltd. on Wednesday, July 29 said its energy hydrocarbon onshore business has won a "major" order from the Kuwait Oil Company (KOC) for its key Jurassic Light Oil (JLO) export facilities and the upgrade of the existing export network.
L&T classifies orders in the ₹2,500 crore to ₹5,000 crore range as "major".
L&T has been reporting order wins for four consecutive days now and from July 20 last week it has reported order wins of up to ₹50,000 crore.
On Tuesday, it won an "ultra-Mega" order which is worth at least ₹15,000 crore, on Monday it won a "major" order in the ₹5,000 to ₹10,000 crore range and on Friday it secured a "large" order in the ₹2,500 to ₹5,000 crore range. Last week on Monday, L&T won a "mega" order in the ₹10,000 crore to ₹15,000 crore range.
The order L&T bagged on Wednesday is an engineering, procurement and construction (EPC) one.
Scope of work encompasses EPC of six new crude oil storage tanks, each with an operating capacity of 6.18 lakh barrels and associated facilities on a lump sum turnkey basis.
This project involves the installation of new pipelines and comprehensive upgrades to Kuwait's existing crude loading and export network to seamlessly accommodate increased production and enhance the country's crude handling capabilities, L&T said in an exchange filing.
"The development of the Jurassic Light Oil export infrastructure is an important investment in Kuwait's energy sector and we are committed to supporting the country's energy ambitions through reliable and world-class project execution," ES Sathyanarayanan, the vice-president and head of L&T energy hydrocarbon onshore and member of the divisional board of L&T, said.
Brokerages are positive on L&T after it reported its first quarter earnings after market hours on Tuesday.
Two of the 33 analysts who have coverage on the stock see the stock rising up to ₹5,000 apiece.
L&T reported a mixed set of earnings in the June quarter, with its EBITDA missing estimates. However, its order inflow delivered a positive surprise.
The L&T management has held on to its FY27 guidance, which could help the stock see a relief rally.
Shares of L&T are trading 3% higher after the results announcement at ₹3,948. The stock has trimmed its year-to-date losses down to 5%.
Also Read: KPIT Tech Q1 Results: Stock up 5%; Management commentary key after growth warning
L&T classifies orders in the ₹2,500 crore to ₹5,000 crore range as "major".
L&T has been reporting order wins for four consecutive days now and from July 20 last week it has reported order wins of up to ₹50,000 crore.
On Tuesday, it won an "ultra-Mega" order which is worth at least ₹15,000 crore, on Monday it won a "major" order in the ₹5,000 to ₹10,000 crore range and on Friday it secured a "large" order in the ₹2,500 to ₹5,000 crore range. Last week on Monday, L&T won a "mega" order in the ₹10,000 crore to ₹15,000 crore range.
Order from Kuwait Oil Company
The order L&T bagged on Wednesday is an engineering, procurement and construction (EPC) one.
Scope of work encompasses EPC of six new crude oil storage tanks, each with an operating capacity of 6.18 lakh barrels and associated facilities on a lump sum turnkey basis.
This project involves the installation of new pipelines and comprehensive upgrades to Kuwait's existing crude loading and export network to seamlessly accommodate increased production and enhance the country's crude handling capabilities, L&T said in an exchange filing.
"The development of the Jurassic Light Oil export infrastructure is an important investment in Kuwait's energy sector and we are committed to supporting the country's energy ambitions through reliable and world-class project execution," ES Sathyanarayanan, the vice-president and head of L&T energy hydrocarbon onshore and member of the divisional board of L&T, said.
L&T Results, Guidance, Brokerage Views
Brokerages are positive on L&T after it reported its first quarter earnings after market hours on Tuesday.
Two of the 33 analysts who have coverage on the stock see the stock rising up to ₹5,000 apiece.
L&T reported a mixed set of earnings in the June quarter, with its EBITDA missing estimates. However, its order inflow delivered a positive surprise.
The L&T management has held on to its FY27 guidance, which could help the stock see a relief rally.
Shares of L&T are trading 3% higher after the results announcement at ₹3,948. The stock has trimmed its year-to-date losses down to 5%.
Also Read: KPIT Tech Q1 Results: Stock up 5%; Management commentary key after growth warning
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