L&T Technology advances on bagging multi-million dollar contract

Shares of L&T Technology Services (LTTS) were trading higher in morning trade on Friday after Germany’s Covestro, a world-leading manufacturer of high-tech polymer materials, chose LTTS to implement digitalisation based engineering programs across Covestro’s global locations.

The scrip was trading 2 per cent up at Rs 1,206 at around 11 am (IST). Shares of the company opened at Rs 1,182 and touched a high and low of Rs 1,206 and Rs 1,171, respectively, in trade so far. However, the benchmark BSE Sensex was down 363 points, or 1.10 per cent, at 32,643 at around the same time.

“L&T Technology Services has been awarded a multi-million dollar contract by Covestro to execute these engineering transformational programs,” the company said in a BSE filing.


Within this program, L&T Technology Services has been selected as the engineering partner to drive digital transformation across Covestro’s 8 global locations, especially in the area of data migration.

“We look forward to leveraging our unique technology capabilities and our domain expertise in plant engineering and asset management to assist Covestro in achieving its objectives of Efficient Production and Engineering Excellence,” said Amit Chadha, President Sales & Business Development and Member of the Board, at L&T Technology Services in a release.

Shares of LTTS had hit 52-week high of Rs 1,547 on Februray 12, 2018 and 52-week low of Rs 671 on June 13, 2017.