Shares of L&T Technology Services Ltd surged more than 4% on 29 January after the company was given a multi-year contract for digital engineering transformation in the sustainability area by a US-based maker of industrial products and solutions.

The exchange filing states that the deal is worth $80 million. Through the integration of advanced technology, the strategic partnership will accelerate the client’s digital transformation.

Amit Chadha, MD & CEO of L&T Tech, said, “By combining AI-powered insights, digitally connected solutions, business-driven automation and our deep engineering expertise, we aim to enable the client to bring high-quality products to market faster, ultimately delivering greater value to their customers.”

In contrast to its constant currency revenue growth of 3.1%, L&T Tech reported a 1.6% quarter-over-quarter increase in US dollar revenue for the December quarter.

For the whole year, L&T Technology Services has forecasted a 10% increase in revenue, including the Intelliswift purchase.

The bottom part of the 8%–10% target range, or 8% organic growth, is also projected for the year. The business also revealed that it had the most transaction bookings ever during the quarter.

At 12:21 pm, the shares of L&T Tech were trading 2.99% higher at Rs 5,274.10 on NSE. 

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