Larsen and Toubro Shares Gain 1% on Securing Order from Petronet LNG 

Shares of Larsen and Toubro (L&T) were trading in the green and 1% higher on 16 January after the company announced that its hydrocarbon onshore business vertical won a “large” order. 

The company received this order from Petronet LNG, which is a joint venture promoted by four leading PSUs, ONGC, Indian Oil Corp, GAIL (India) and BPCL.

L&T defines orders worth between Rs 2,500 crore and Rs 5,000 crore as “large,” and it has secured its second such order within just three days.

The company will execute the project entirely on a lump-sum turnkey basis, covering engineering, procurement, construction, and commissioning. The work includes setting up a 1,70,000 cubic metre LNG/ethane double-wall storage tank and a 1,40,000 cubic metre propane double-wall storage tank at the Dahej Petrochemical Complex in Gujarat, L&T said.

In addition, L&T will build ethane and propane handling and dispatch facilities to support the propane dehydrogenation and polypropylene plant.

L&T noted that the project forms part of India’s first petrochemical complex that integrates cold energy utilisation from an LNG terminal and is expected to help narrow the domestic gap between polypropylene demand and supply.

Earlier on Wednesday, L&T also bagged another “large” order from Torrent Energy Storage Solutions Pvt. Ltd. to develop the 3,000 MW Saidongar-1 Pumped Storage Project in Raigad, Maharashtra.

L&T described Saidongar-1 as India’s largest pumped storage project, comprising ten units of 300 MW each. The company will handle the design, engineering, and execution of all civil and hydro-mechanical works linked to the project.

L&T said pumped storage projects play a critical role in maintaining grid stability and meeting peak electricity demand, adding that the Saidongar-1 project will strengthen grid reliability and energy security for Maharashtra and other regions.

L&T shares remained in focus this week after MEED reported that Kuwait plans to cancel projects worth nearly $9 billion, a development that triggered selling pressure on the stock.

At 12:41 pm, the shares of Larsen and Toubro were trading 0.19% higher at Rs 3,873.20 on NSE.

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