Share price of this large-cap stock moved up by nearly 2.94 percent on NSE to Rs. 5,418.1 in the trading session of Friday, compared to the previous closing price of Rs. 5,262.9, after the company announced winning a program in India worth ~Rs. 800 crore.
With a market capitalisation of Rs. 57,224 crores, at 12:18 p.m. the shares of L&T Technology Services Limited were trading in the green at Rs. 5,368.75, up by nearly 2.01%.
In the last one year, the company has delivered positive returns of about 51.7 percent and around 13.6 percent returns in the last six months. So far in 2024, it has given positive returns of around 3.35 percent.
According to recent regulatory filings with the stock exchanges, L&T Technology Services Limited (LTTS) has announced the establishment of AI, ML-driven Cybersecurity & Digital Threat Analytics Centre for Maharashtra Cyber, with the goal of improving citizen cyber safety and awareness.
The company has won this first-of-its-kind program in India worth ~Rs. 800 crore ($100 million) from the Maharashtra State Cyber Department, under the Government of Maharashtra.
This initiative extends LTTS’ commitment to create secure, digitally interconnected smart and safe cities via premier Cyber Security and Digital Forensic solutions consolidated under one umbrella.
LTTS, in consortium with KPMG Assurance and Consulting Services LLP as a forensics partner, will deliver advanced Cyber Security Solutions to the State.
In terms of financials, the company’s revenue from operations grew by 6.64 percent QoQ from Rs. 2,386 crore in Q2 FY22-23 to Rs. 2,422 crore in Q2 FY23-24.
The net profit of the company also increased by around 2.07 percent QoQ, from Rs. 316 crore in Q2 FY23-24 to Rs. 337 crore in Q3 FY23-24.
L&T Technology Services Limited (LTTS), a listed subsidiary of Larsen & Toubro Limited, focused on Engineering and R&D (ER&D) services.
The company offers consultancy, design, development and testing services across the product and process development life cycle.
Written by Shivani Singh
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