L&T Technology Services shares advance 8%, hit fresh record high

Shares of L&T Technology Services zoomed 8 per cent to Rs 1,991, also its record high, on the BSE on Thursday after the company said it was recognized with the Frost & Sullivan 2020 Global Customer Value Leadership Award for its intelligent building experience management system, i-BEMSTM.

The stock surpassed its previous high of Rs 1,883, touched on December 10, 2020. LTTS is a listed subsidiary of Larsen & Toubro (L&T) focused on Engineering and R&D (ER&D) services. The company offer consultancy, design, development and testing services across the product and process development life cycle.

LTTS, in a press release, said, the 2020 award recipients were evaluated on various parameters, including major operational efficiency, customer acquisition, customer experience, and growth potential.

i-BEMSTM, a futuristic smart building platform, provides customers a unified one-stop solution that comes with cutting-edge digital tools and applications to ensure comprehensive monitoring, diagnostics, analytics, and optimization of critical building assets.

In the past month, the stock has outperformed the market by surging 17 per cent, as compared to 6.5 per cent rise in the S&P BSE Sensex.

On Monday, LTTS announced that it has been selected by Schindler, the Switzerland-based global leading provider of elevators, escalators, moving walks and related services as one of its key partners to provide innovative digital engineering capabilities.

According to the agreement, LTTS will provide product development, innovation and engineering services & solutions that will help Schindler to accelerate its digitization and connectivity initiatives.