The share price of L&T Technology Services (LTTS) hit a 52-week high of Rs 1,883.45 on Thursday, rising over 2 percent in early trade after the company won a multi-year order.
The company said 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 US.
This is a multi-year engagement with a potential value of more than $100 million, L&T Technology Services said in a release.
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 will leverage its in-house digital engineering tools and new-age technology & solutions to optimize project execution and drive efficiency improvements for the customer," it said.
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 US.
“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,” said Dr Keshab Panda, CEO & MD, L&T Technology Services.
At 10:55 am, the shares of LTTS were trading 0.62 percent higher at Rs 1,851.50 apiece on the BSE as compared to a 0.75 percent loss in the benchmark Sensex.