Shares of Larsen & Toubro (L&T) rose nearly 3% to Rs 2,228.90 on the BSE in intraday trade on Wednesday after the company announced it had won a huge order for its hydrocarbon business.

However, the engineering and construction firm did not provide the exact contract value but noted that, based on its classification, a mega project is worth more than Rs 7,000 crore.

“L&T’s hydrocarbon business (L&T Energy Hydrocarbon – LTEH) has recently secured multiple offshore parcels from a well-known client in the Middle East,” the company said in a release.

The company said the scope of work includes the design, procurement, construction and installation of various new offshore facilities and their integration with existing facilities.

So far in the current calendar year 2023, L&T has outperformed the market, gaining 6.5%, compared with a 2.7% decline for the S&P BSE Sensex. The stock hit an all-time high of Rs 2,297.30 on January 20, 2023.

L&T operates primarily in the Infrastructure, Heavy Engineering, Defense Engineering, Power, Hydrocarbons and Services business segments. The infrastructure segment contributes around 45% to consolidated revenue, followed by services (around 30%).

Larsen & Toubro stock has been range-bound since the start of 2023. The stock has broad support around its 100-DMA (daily moving average) and is facing resistance near its trendline, thus suggesting a trading range of Rs 2,140-Rs 2,260.

In the meantime, the stock is facing some resistance near the upper Bollinger band at Rs 2,225 on the daily chart, while support is expected around the 20-DMA at Rs 2,170. On a weekly scale, the stock has resistance at Rs 2,260.