Rolta India shares rally after contract win in Saudi Arabia

MUMBAI: Shares of Rolta India surged higher in a weak market after the company bagged a multi-million dollar contract from Sadara Chemical Company, Saudi Arabia.

At 12:05 p.m.; the stock was at Rs 59.90, up 3.63 per cent, on the BSE. It touched a high of Rs 61.35 and a low of Rs 57.70 in trade today.

The contract is to implement a comprehensive engineering system at its complex which will be the world's largest petrochemical facility. the value of the project has not been disclosed.

"This win provides further validation of our strategy of uniquely combining engineering and IT capabilities for delivering high value solutions to win significant new and follow-on businesses," said K K Singh, Chairman and Managing Director, Rolta.

The project will be managed by a global Rolta team working in the United States, India and Saudi Arabia and will be completed by late 2014.