Larsen and Toubro (L&T) shares hit a 52-week high of Rs 2,788.35 on 7 September after a report suggested the company has likely secured an order worth Rs 24,000 crore ($2.9 billion) from Saudi Aramco’s Jafurah unconventional onshore gas development project.

Saudi Aramco plans to build a $110 billion Jafurah gas project in the eastern province.

And according to the media outlet CNBC-TV18, L&T is the preferred contractor for a $2.9 billion contract.

According to the report, the company will develop a gas processing plant and main process units for the said project.

The company has also submitted a bid for another package order for the Saudi Aramco Safaniyah Gas Field project that is worth $10 billion.

In August, the company also secured an order from Saipem and Clough JV for the fabrication and supply of process and pipe rack modules for a 2.3 MTPA urea plant for Perdaman Chemical and Fertilisers.

At 11:25 am, the shares of Larsen and Toubro were trading at Rs 2,781.80 or 1.88% above its previous close on NSE.