L&T Technology Services, an arm of engineering giant Larsen and Toubro, on Wednesday said that it secured a multi-million dollar contract from a global semi-conductor company. The company will provide verification support on the client's expansive portfolio of offerings and products.
Following the news, L&T Technology Services stock was trading at Rs 855 at around 3:17 pm on Wednesday, up 0.30 percent from its previous close on the Bombay Stock Exchange.
This strategic tie-up between the two companies will enable the customer to strengthen its product offering and capitalise on market opportunities with superior quality products.
"We have been awarded a multi-year partnership with one of the world's most respected technology companies. We will continue to provide cutting edge services and solutions to global customers," Dr Keshab Panda, CEO and managing director of L&T Technology Services, said.
Shares of L&T Technology Services were listed on the stock exchanges last month following a Rs 900 crore IPO. The company had fixed the issue price at Rs 860 per share, at the higher end of the price band.
The company's public issue comprised offer for sale of 1.04 crore shares, including anchor investor portion of 31.20 lakh shares. The issue opened on September 12 and closed on September 15.