L&T Technology Services' share price touched a 52-week high of Rs 1,890, rising 2% in early trade on Thursday after the company won a multi-year order.
The company in a press release announced that it has been selected by a global O&G major to be the primary engineering partner to support two of their integrated refining and chemicals manufacturing facilities in the USA. This would be a multi-year engagement with a potential value of more than USD 100 million, the filing added.
L&T Technology Services stock touched an all-time high of Rs 1,883.45, rising 2.36% on BSE. The LTTS stock opened at Rs 1,850 and also touched a low of Rs 1,832.50 as against the last close of Rs 1,840.05. The stock had touched a 52-week low of Rs 995.
Market capitalisation of the firm stood at Rs 19,425.69 crore. L&T Technology share is trading higher than 5, 20, 50, 100 and 200-day moving averages. L&T Technology Services stock has risen 4% in one week, 10% in one month and 24% in one year.
L&T Technology Services stock has risen 1.93% in the last 2 days of consecutive gains.
Under the five-year engagement, LTTS will provide multi-discipline plant engineering activities including site sustenance, discipline engineering, and control automation support for both facilities.
LTTS plans to leverage its in-house digital engineering tools and new-age technology & solutions to optimize project execution and drive efficiency improvements for the customer. The two sites covered under LTTS' scope are integrated refining, chemical and polymer complexes and are currently among the top 10 biggest downstream sites in the U.S.
"LTTS is delighted to partner with one of the world's leading O&G companies who are focused on providing affordable & sustainable energy and chemical products. Having worked in the Oil & Gas industry for a long time, our engineers have a unique appreciation of the challenges and opportunities in the energy and chemical industry. This is a prestigious win for LTTS, and we are excited to engage with our customers to deliver value in improving operational efficiency," said Dr Keshab Panda, CEO & MD, L&T Technology Services.
He added," Our focus on multi-vertical, large engagements with customer intimacy, leveraging digital and new age technologies is yielding the desired outcomes. This latest instance of a major customer awarding LTTS a large multi-year program is a testimony to our global plant engineering expertise."