L&T gains nearly 4% after subsidiary wins contract from IOC
Company's wholly owned subsidiary of the company has been awarded a Large Project by Indian Oil Corporation Limited (IOCL)
April 08, 2020 / 11:02 AM IST
Larsen and Toubro gained nearly 4 percent intraday on April 8 after the company's subsidiary won a contract from Indian Oil Corporation.
L&T Hydrocarbon Engineering, a wholly-owned subsidiary of the company, has been awarded a Large Project by Indian Oil Corporation Limited (IOCL).
The engineering, procurement, construction and commissioning (EPCC) contract is for setting up a new 9 MMTPA Atmospheric & Vacuum Distillation Unit (AVU) and allied facilities (EPCC-1 Package) for Barauni Refinery Capacity Expansion Project at IOCL's Barauni Refinery, Bihar.
The capacity of Barauni Refinery is being augmented from the current installed capacity of 6.0 MMTPA to 9.0 MMTPA.
At 10:44 hrs, Larsen & Toubro was quoting at Rs 815.85, up Rs 14.20, or 1.77 percent on the BSE.