L&T Stock Soars on Big Win: Bags Hefty Offshore Contract from ONGC

Shares of Larsen and Toubro (L&T) experienced a notable uptick, rising by 2.3% to Rs 3716.80 per share during Thursday’s intraday trading session on the Bombay Stock Exchange (BSE). The surge brings L&T close to its recent peak of Rs 3,948.60 per share, achieved on June 3, 2024.

The increase in share price follows the announcement that L&T Energy, the hydrocarbon division of Larsen and Toubro, secured a substantial contract from Oil & Natural Gas Corporation (ONGC). The contract pertains to the Daman Upside Development Project, specifically covering wellhead platforms and pipelines (DUDP-WP) located off the western coast of India.

This development underscores L&T's ongoing strength in securing major infrastructure projects within the energy sector, bolstering investor confidence and contributing to the positive movement in its stock price.

Analysts and market experts anticipate that L&T's strategic positioning and capability in executing large-scale projects like the Daman Upside Development Project will continue to drive its growth trajectory in the near term.

With the stock trading near its recent high, investors are closely watching L&T's next steps and its ability to capitalize on further opportunities in India's evolving energy landscape.

News by Rahul Yelligetti