L&T shares gain on arm‘s new EPC agreement with Shell

Larsen & Toubro gained over a percent intraday on Tuesday after the company’s arm signed an agreement with Shell for its projects in multiple regions. “L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has signed a five-year enterprise framework agreement with Shell Global Solutions International BV for providing engineering, procurement & construction management services for Shell projects in the Middle East, South East Asia and India,” the company said in a release to the exchanges. “This agreement is in line with our strategic goals and is a breakthrough of our newly-formed engineering services business vertical. We will combine our engineering expertise with project and risk management skills to provide complete solutions to the customers across the globe," said Subramanian Sarma, MD and CEO, L&T Hydrocarbon Engineering.Just last week, the company had won an order worth Rs 1,100 crore for Indmax project from Indian Oil Corporation (IOC). The stock has shown flattish movements in the recent past, but posted a monthly gain of over 2 percent as well. At 11:45 hrs, it was quoting at Rs 1,475.50, up Rs 7.25, or 0.49 percent on the BSE. The stock touched an intraday high of Rs 1,487.00 and an intraday low of Rs 1,468.20.