L&T Technology Services (LTTS) rose 3.38% to Rs 1640 after the company said that it had selected for providing engineering services for Tenneco's DRiV original equipment (OE) Ride Control business group.
Tenneco is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers. Its four business groups viz. motorparts, ride performance, clean air and power train, deliver technology solutions for diversified global markets.
The L&T Group company will set-up a HUB Development Center to provide DRiV with additional engineering capacity in conventional damper and component development. LTTS will also work with DRiV to modernize and upgrade engineering tools and create a global benchmarking framework for product lifecycle analysis.
LTTS is a listed subsidiary of Larsen & Toubro (L&T) focused on engineering and research & development (ER&D) services. The company offers consultancy, design, development and testing services across the product and process development life cycle.
LTTS' consolidated net profit declined 42.5% to Rs 117.20 crore on a 3.9% fall in net sales to Rs 1294.70 crore in Q1 June 2020 over Q1 June 2019.
In the past three months, the stock has jumped 26.65% while the benchmark S&P BSE Sensex added 7.99% during the same period.
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