L&T Technology gains after order win

L&T Technology Services (LTTS) said it was awarded multi-million-dollar engineering, procurement and construction management project in Europe.

The LTTS scrip was trading 0.72% higher at Rs 1480.

In an exchange filing made during market hours on Monday, L&T Technology Services (LTTS) said it won a multi-million dollar project from one of the world's top plastics, chemicals and refining manufacturers, to deliver the entire spectrum of engineering, procurement and construction management (EPCM) services for the expansion of an existing site in Europe.

The expansion project will be implemented at the customer's brownfield plant in Germany over 30 months.

As the strategic engineering partner, LTTS will play a key role in executing the entire project through an EPCM model, from procurement and supply chain management support to safety aspects and efficient design.

LTTS's consolidated net profit rose 7.7% to Rs 205.80 crore on a 10.7% to Rs 1402.10 crore in Q2 September 2019 over Q2 September 2018.

On the technical front, the stock's RSI (relative strength index) stood at 47.42. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day moving average (DMA) placed at Rs 1487.20 and 200-day moving average (DMA) placed at Rs 1587.05. Both these levels could serve as resistance levels in the near term.

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