L&T Technology gains after multi-million dollar order win

L&T Technology Services rose 1.32% to Rs 1,197.95 at 10:25 IST on BSE after the company won a multi-million dollar order from Germany's Covestro.

Meanwhile, the S&P BSE Sensex was down 405.50 points, or 1.23% to 32,600.77.

On the BSE, 3,912 shares were traded in the counter so far compared with average daily volumes of 9,117 shares in the past two weeks. The stock had hit a high of Rs 1,201.40 and a low of Rs 1,171 so far during the day. The stock hit a record high of Rs 1,547 on 12 February 2018. The stock hit a record low of Rs 671 on 13 June 2017.

The large-cap company has equity capital of Rs 20.49 crore. Face value per share is Rs 2.

L&T Technology Services said that Germany's Covestro, a world-leading manufacturer of high-tech polymer materials, has chosen the company as one of its major engineering services partners to implement digitalization based engineering programs across Covestro's global locations. L&T Technology Services has been awarded a multi-million dollar contract by Covestro to execute these engineering transformational programs.

Covestro is running a digitalization program for engineering, operations and maintenance activities: OSI2020 (Optimized System Integration). Within this program, L&T Technology Services has been selected as the engineering partner to drive digital transformation across Covestro's 8 global locations, especially in the area of data migration.

L&T Technology Services' consolidated net profit rose 2.84% to Rs 126.50 crore on 7.6% growth in net sales to Rs 969.10 crore in Q3 December 2017 over Q2 September 2017.

L&T Technology Services is a listed subsidiary of Larsen & Toubro (L&T) focused on Engineering and R&D (ER&D) services. The company offers consultancy, design, development and testing services across the product and process development life cycle.

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