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Wed 10 Oct 2007 11:59 AM

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India's Larsen in $60mn Saudi deal

Indian construction firm gets million-dollar order from kingdom's Chemanol to set up chemical plants.

India's leading engineering and construction firm, Larsen & Toubro, said on Wednesday it had received a $60 million order from Saudi Arabia's Chemanol to set up methyl amine and dimethyl formamide plants.

Shares in Larsen & Toubro, valued at $23 billion at Tuesday's close, were trading 3.3% up at 3,268.70 rupees at 0606 GMT in a firm Mumbai market, after hitting a life high of 3,450 rupees in opening deals.

The shares have more than doubled in value from their end-2006 levels.

UBS, which rates Larsen stock as "buy", set a target of 3,405 rupees on October 4.

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