The company made this announcement during trading hours today, 8 May 2012.

Meanwhile, the BSE Sensex was down 124.34 points or 0.74% to 16,788.37.

On BSE, 98,000 shares were traded in the counter as against average daily volume of 3.59 lakh shares in the past one quarter.

The stock hit a high of Rs 1,209 and a low of Rs 1,181.45 so far during the day. The stock had hit a 52-week low of Rs 971 on 21 December 2011. The stock had hit a 52-week high of Rs 1,867.85 on 8 July 2011.

The stock had underperformed the market over the past one month till 7 May 2012, falling 10.59% compared with the Sensex's 3.28% fall. The scrip had also underperformed the market in the past one quarter, declining 11.16% as against the Sensex's 4.03% fall.

India's biggest engineering and construction company by sales has an equity capital of Rs 122.48 crore. Face value per share is Rs 2.

The L&T stock had risen 4.78% to settle at Rs 1,202.90 on Monday, 7 May 2012.

Larsen & Toubro ATCO Saudia LLC, a joint venture (JV) of L&T, has secured a large procure and construct contract from Sadara Chemical Company (Sadara), a JV of Saudi Arabian Oil Company (Saudi Aramco) and The Dow Chemical Company (Dow). The project involves procurement & construction of Solution Polyethylene and Specialty Elastomers package in Al-Jubail Industrial City II, in the Eastern Province of Saudi Arabia, where Sadara is constructing a world scale chemical complex. The project is scheduled to be completed in 35 months, L&T said in a statement.

L&T-ATCO is one among multiple JVs of L&T in the high-growth markets of the Gulf Cooperation Council (GCC) countries. It offers electro-mechanical construction services in key segments covering oil and gas, hydrocarbon, petrochemical, pipelines, power projects, water and effluent treatment plants.

L&T's net profit rose 18% to Rs 991.55 crore on 22.8% growth in net sales to Rs 13998.58 crore in Q3 December 2011 over Q3 December 2010. The company unveils FY 2012 results on 14 May 2012.

L&T is a $11.7 billion technology, engineering, construction, manufacturing and financial services conglomerate with global operations.