Shares of the country's largest infrastructure developer, Larsen & Toubro, rose as much as 2.35 per cent to hit record high of Rs 1,660 on the BSE after the company announced that it has bagged an order from Technip Energies, which develops indigenous technology for the critical equipment.
The heavy engineering arm of Larsen & Toubro won an order for Oxidation Reactor from Technip Energies India against stiff global competition, the company said in an exchange filing.
"This order for the technologically critical Titanium Clad Reactor is for a Public Sector Petrochemical project for Purified Terephthalic Acid plant. The scope of supply involves Design, Material Procurement, fabrication, inspection and testing of Reactor meeting the Licensors stringent quality requirements," Larsen & Toubro said.
The order marks opening of multiple avenues for L&T Heavy Engineering for critical Titanium Clad Reactors in both Domestic and Global markets.
L&T Heavy Engineering is among the top three global heavy equipment fabricators. Its strengths include in-house design and engineering, fully integrated fabrication facilities, R&D centres and experienced project teams.
"This is an important step in indigenization of high technology equipment and a major contribution towards Government of India's "Aatmanirbhar Bharat" initiative. L&T Heavy Engineering developed the technology for titanium clad equipment fabrication inhouse conforming to global standards of quality," L&T added.
As of 12:06 pm, L&T shares were trading 2.2 per cent higher at Rs 1,658, outperforming the Sensex which was up 0.8 per cent.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
