L&T Technology Services bags order worth Rs. 319 crore

Engineering research and development company L&T Technology Services bagged an order worth Rs. 319 crore from a global aerospace electronic systems manufacturer, announced the company on Thursday.

The order concerning the supply of engineering, research and development services will be spanned over five years. The project will result in the transformation of the customer’s operations into a managed services model. The model will encapsulate support to the existing products as well as for work related to the next generation in-flight system.

Following the development, the stock surged by over 4 per cent to Rs. 1,042.10 per share on BSE in Thursday’s intraday trade. However, the stock hit an intraday low of Rs. 990 per share during the day. At 14:38 hours IST, the stock was trading at Rs. 991.05 per share, down by 0.88 per cent on BSE.

The company’s order backlog stood at US$ 220 million by the end of the second quarter of fiscal year 2018. The company solely operates in the engineering, research and development segment. A subsidiary of Larsen & Toubro, the company has a strong and growing presence in North America, Europe, the Middle East, Japan, Korea and other Asia-Pacific (APAC) countries.