L&T Technology Services gain on multi-million dollar deal from Covestro

The stock was trading 1.7% higher at Rs 1,203 on the BSE, as compared to 1% decline in the S&P BSE Sensex at 11:07 am

L&T Technology Services (LTTS) was trading 2% higher at Rs 1,206 on the BSE in an otherwise weak market after company announced that the German chemical major Covestro awards LTTS multi-million dollar Engineering and R&D (ER&D) project.

“Covestro is running a digitalization program for engineering, operations and maintenance activities: “OSI2020” (Optimized System Integration). Within this program, LTTS 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 Group Company said in a press release.

“It is our privilege to enter into this engineering partnership with Covestro, the world's leading supplier of high-tech polymer materials, and work with them on solutions that will benefit Covestro’s strategic vision. These programs will drive Covestro’s digital transformation and standardization journey across the globe,” said Amit Chadha, President Sales & Business Development and Member of the Board, at LTTS.

At 11:07 am; the stock was trading 1.7% higher at Rs 1,203 on the BSE, as compared to 1% decline in the S&P BSE Sensex. A combined 53,494 shares changed hands on the counter on the BSE and NSE so far.