L&T shares hit an intraday high of Rs 4,062 on the NSE Friday after its offshore arm won major pipeline and platform orders from ONGC.

The stock cooled off through the afternoon as broader markets turned weak, but the order win itself was the story driving early trade.

The contracts went to L&T Energy Hydrocarbon Offshore, the company’s dedicated offshore engineering unit. L&T places these in its “major” bracket, meaning the combined value sits somewhere between Rs 5,000 crore and Rs 10,000 crore.

Two projects make up the win. One covers the replacement of subsea pipelines across ONGC’s offshore fields, along with related modification work.

The other involves building four new well head platforms off India’s west coast. In both cases, L&T will manage the job end to end, from design through to final installation and commissioning.

Parthasarathi Chatterjee, who leads the offshore hydrocarbon business, said the wins point to the confidence clients continue to place in the team’s execution record and safety standards.

It has been a busy stretch for the company. Since 20 July, L&T has picked up eight separate orders across categories ranging from “large” to “ultra-mega,” together valued anywhere between Rs 67,500 crore and Rs 95,000 crore.

That order momentum showed up in the June-quarter numbers too, where inflows beat street expectations even as profit margins came in a touch softer than analysts wanted. The management team has left its full-year guidance untouched.

By 14:54 pm, the stock had settled at Rs 4,040, down 0.54% for the day, still comfortably inside its 52-week band of Rs 3,288 to Rs 4,440.

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