Shares of L&T Technology Services are higher in trade on January 29, up over 3% after bagging a multi-year, $80 million deal from a US-based manufacturer to power its digital transformation.
The deal is in the sustainability segment and will lead to the setting up of a Center of Excellence in India, acting as a global innovation hub of the client. "This strategic partnership will accelerate the client’s digital transformation through the integration of advanced technologies, including connected products," said L&T Technology Services.
L&T Tech added that the deal will help its client expand globally in new age and digital technologies. L&T Tech aims to enable its client to bring quality products to market faster, through the transformation, said CEO & Managing Director Amit Chadha.
Earlier this month, during the December quarter earnings call, L&T Tech said it continues to see 'robust addition to the large deal pipeline'. Within Industrials, the energy sub-segment is seeing an upswing in spends – especially in electric controls and micro grids, said L&T Tech.
During Q3FY25, L&T Tech saw its highest-ever deal booking TCV, helped by eight large deals across segments, with one in the range of $50 million, and two for $35 million.
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