L&T Tech moves higher after pact with Microsoft

L&T Technology Services was up 1.77% to Rs 840.50 at 12:05 IST on BSE after the company announced a digital engineering transformation partnership with Microsoft Corporation.

The announcement was made during market hours today, 6 October 2016.

Meanwhile, the S&P BSE Sensex was up 51.21 points or 0.18% at 28,272.19.

On BSE, so far 12,000 shares were traded in the counter as against average daily volume of 2.77 lakh shares in the past two weeks. The stock hit a high of Rs 842.10 and a low of Rs 827 so far during the day. The stock had hit a record high of Rs 931 on 23 September 2016. The stock had hit a record low of Rs 823.30 yesterday, 5 October 2016.

The mid-cap company has equity capital of Rs 20.34 crore. Face value per share is Rs 2.

L&T Technology Services announced a digital engineering transformation partnership with Microsoft Corporation to deliver Microsoft Azure Engineering Solutions for global enterprises across industries. This strategic partnership between the two companies enables enterprises around the world to leverage L&T Technology's cutting-edge IP-led digital engineering solutions hosted on Microsoft's Azure enterprise cloud-first, mobile-first infrastructure.

L&T Technology Services debuted on the stock exchanges on 23 September 2016.

Based on consolidated financials, L&T Technology Services reported net profit of Rs 135.05 crore on revenue from operations of Rs 765.38 crore for the quarter ended 30 June 2016. The company reported net profit of Rs 434.23 crore on revenue from operations of Rs 2894.03 crore for FY 2016.

L&T Technology Services provides engineering, research and development (ER&D) services to manufacturing, technology and process engineering companies, to help them develop and build products, processes and infrastructure required to deliver products and services to their end customers.

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