Shares of Kalpataru Projects gained 3% and hit a 52-week high of Rs 1,043.70 on 5 March after the company announced bagging an order from Saudi Arabia’s Aramco.

In its regulatory filing, the company said that it had received a Letter of Intent (LoI) from Saudi Arabia’s energy major, Aramco, for carrying out Engineering, Procurement, and Construction (EPC) work for three packages of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia. The EPC works to lay over 800 km of lateral gas pipeline.

The filing added, “The exact contract value of the three packages will be confirmed upon contract execution.”

Manish Mohnot, managing director and chief executive officer of Kalpataru Projects, said the company has been focused on strengthening its presence in the oil and gas market in the Middle East region over the past few years.

Manish added that the order serves as a resounding testament to our commitment to strengthen the company’s presence across the value chain in the global oil and gas EPC business.

The company has around two decades of experience in cross-country pipelines, refineries, processing facilities, and fertiliser plants. They have successfully commissioned over 10,000 km of oil, gas, and water pipelines.

At 12:50 pm, the shares of Kalpataru Projects were trading 0.45% higher at Rs 1,003.45 on NSE.