L&T Tech gains on bagging multi-year contract worth over $100 mln

L&T Technology Services (LTTS) rose 1.08% to Rs 1,860 after a global oil & gas (O&G) major selected the company to be the primary engineering partner to support two of the integrated refining and chemicals manufacturing facilities in USA.

Under a 5-year engagement, LTTS will provide engineering services at two integrated refining and chemicals manufacturing facilities in USA. This is a multi-year engagement with a potential value of more than $100 million. The announcement was made before market hours today, 10 December 2020.

LTTS' consolidated net profit slipped 19.4% to Rs 166.30 crore on 6.3% decrease in net sales to Rs 1,313.80 crore in Q2 September 2020 over Q2 September 2019.

 

LTTS, a listed subsidiary of L&T, offers consultancy, design, development and testing services across the product and process development life cycle.

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