L&T Technology gains on multi-million dollar contract from ExxonMobil

The stock was up 4% to Rs 1,270 on the BSE after the company announced that it has signed an agreement with ExxonMobil Exploration Company, valued at more than $20 million in the first year.

L&T Technology Services (LTTS) was up 4% to Rs 1,270 on the BSE in early morning trade after the company announced that it has signed an agreement with ExxonMobil Exploration Company, valued at more than $20 million (Rs 1,297 million) in the first year.

LTTS’ geospatial and digital expertise will enable rapid conversion of historical Geoscience content into the digital domain by leveraging sophisticated automation utilities. This will provide geoscientists with improved data availability, enhancing the speed and efficiency of analysis and evaluation. LTTS will work in collaboration with group company Larsen & Toubro Infotech (LTI) on this engagement, the company said in a press release.

"Our solutions will provide geoscientists accelerated insights into their subsurface data. This in turn maximizes asset utilization, minimizes data preparation time and reduces total cost of ownership,” said Dr Keshab Panda, CEO & Managing Director, LTTS.

At 09:34 am; the stock was trading 2% higher at Rs 1,243 against 0.34% rise in the S&P BSE Sensex. A combined 20,888 shares changed hands on the counter on the BSE and NSE so far.