Larsen & Toubro (L&T) shares hit a record high of Rs 2,003.65, up 1.5% on the BSE in intra-day trade on Thursday after the company reported that a consortium led by L&T Hydrocarbon Engineering (LTHE) obtained huge contracts (over Rs 7,000 crore) from a renowned international client.

LTHE is a completely owned subsidiary of L&T. EPC for new facilities and integration with existing installations are included in the scope of work.

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LTHE is actively working on a number of domestic and international offshore projects. LTHE, organized into Offshore, Onshore, Construction Services, Modular Fabrication, and Advanced Value Engineering and Technology (AdVENT) divisions, provides complete design-to-build solutions to domestic and foreign customers in the hydrocarbon industry.

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The shares of the building and engineering conglomerate were trading higher for the fourth consecutive day, gaining 5% over the period. The stock has risen 14% in the last three months, compared to a 0.9% rise in the S&P BSE Sensex. The stock has gained 32% in the previous six months, compared to a 16% increase in the BSE benchmark index.

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Overall, L&T has won orders worth Rs 68,700 crore in H1FY22. Further, continued momentum to win large/mega-complex orders/ projects to substantially improve L&T’s order intake for FY22E despite the challenging environment. This will further strengthen its order book and enhance its revenue visibility in the medium term. We expect standalone revenue, EBITDA CAGR of 12.1%, 12%, respectively, in FY21-23E, ICICI Securities said in a note.

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Apart from refinancing the Hyderabad Metro debt, L&T is considering a variety of additional possibilities, including the sale of developed real estate, a share sale in the metro, and claims/grants from the Telangana government, according to a December 23, 2021 report from the brokerage firm.