L&T Technology Services Gains 1% on Multi-Year Pact with BP for Engineering Services

12 Dec 2023 , 02:25 PM

L&T Technology Services’ shares rose 1% to a day’s high of Rs 4,990 on December 12 after signing a multi-year engineering services agreement with BP, a leading global energy company.

In the past month, the IT major’s stock surged over 15%, outperforming the Sensex, which rose 7%.

The long-term partnership aims to enhance operational efficiency through digital enablement, focusing on global asset services. Amit Chadha, CEO & MD of L&T Tech Services, highlighted their proven track record in high-quality engineering and digital transformation solutions.

The collaboration with BP will target areas such as Engineering for Projects, turnarounds, maintenance improvements, technical writing, engineering data management, and services for Sustainability initiatives.

In an exchange filing on December 12, L&T Tech emphasized that the partnership showcases its domain expertise in the energy segment, focusing on engineering for productivity improvement.

The collaboration is set to leverage L&T Tech’s over two decades of experience in engineering, manufacturing services, digital, and enterprise data management, addressing significant challenges for BP globally.
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