 "L&T Tech up 5% on securing $80 mn digital engineering transformation deal")
L&T Tech share price: L&T Technology Services (LTTS) shares rose as much as 4.54 per cent to hit an intraday high of Rs 5,355 per share on Wednesday, January 29, 2025.
The uptick in the L&T Tech share price came after the company announced that it has been awarded a multi-year $80 million deal with a US-based manufacturer of industrial products and solutions.
The strategic partnership will accelerate the client’s digital transformation through the integration of advanced technologies, including connected products and the digital thread, paving the way for greater innovation at scale, L&T Tech said, in a statement.
“This engagement is a testament to LTTS’ ability to drive sustainable end-to-end digital transformation for global leaders. By combining AI-powered insights, digitally connected solutions, business-driven automation and our deep engineering expertise, we aim to enable the client to bring high-quality products to market faster, ultimately delivering greater value to their customers,” said Amit Chadha, CEO and managing director of L&T Technology Services and Nasscom executive council member.
As part of the agreement, LTTS will set up a specialised Centre of Excellence (CoE) in India, serving as a global innovation hub to support the client's digital transformation and comprehensive product lifecycle management (PLM).
Moreover, the initiative aims to facilitate the client's transformation while also driving the growth of their global presence, especially in emerging digital technologies that are reshaping industries across the globe.
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About L&T Tech
L&T Tech is a global leader in engineering and technology services. A listed subsidiary of Larsen & Toubro (L&T), the company offers design, development, testing, and sustenance services across products and processes.
The company has global design centres, sales offices, and innovation labs, and has operations in over 25 countries
Notably, the company has worked with 69 Fortune 500 companies and 57 top ER&D companies.
L&T Tech has also acquired engineering firms in San Jose, California, Krakow, Poland, and Toulouse, France.
The market capitalisation of L&T Tech is Rs 55,753.58 crore, according to BSE. The company falls under the BSE 200 category.
At 1:28 PM, L&T Tech shares were trading 2.80 per cent higher at Rs 5,265.85. In comparison, BSE Sensex was trading 0.79 per cent higher at 76,499.08 levels.