L&T Technology Services bags Rs 800 crore project from Maharashtra State Cyber Department; stock rises
LTTS share price: As of 10:14 a.m., shares of L&T Technology traded 1.24 per cent, or Rs 65.45, higher at Rs 5330.35 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 56,368.79 crore.
LTTS share price: Shares of L&T Technology Services (NSE: LTTS) edged nearly 2 per cent higher on BSE in the early morning deals on Friday (March 15), after the company bagged a Rs 800 crore project from the Maharashtra State Cyber Department.
As of 10:14 a.m., shares of L&T Technology traded 1.24 per cent, or Rs 65.45, higher at Rs 5,330.35 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 56,368.79 crore.
In the early hours of Friday, the Vadodara-headquartered IT services company announced that it had won a first-of-its-kind programme in India worth around $100 million (Rs 800 crore) from the Maharashtra State Cyber Department, under the Government of Maharashtra.
"This initiative extends L&T Technology's commitment to developing secure, digitally interconnected, smart, and safe cities through premier cyber security and digital forensic solutions consolidated under one umbrella," the filing read.
The Government of Maharashtra, L&T Technology, along with KPMG Assurance and Consulting Services LLP as a forensics partner, will provide advanced cyber security solutions for the state, enhancing public safety against cyber threats.
The project aims at designing a sophisticated cybersecurity system and establishing a fully equipped, cyber security and cybercrime prevention centre to address cybercrime incidents and investigations by leveraging AI and digital forensic tools.
As per Amit Chadha, CEO and Managing Director of L&T Technology Services, this deal will set the stage for the company to scale its offerings for our global clientele.
"This first-of-its-kind deal is more than just a business achievement for us. It’s an opportunity to leverage our experience in setting up over 25 command centres and recognising the growing criticality of cybersecurity and the need to invest in advanced digital safeguard platforms and tools for the benefit of the larger society,” said Chadha.
L&T Technology share price: Past performance
In a year, shares of L&T Technology gained over 50 per cent against Nifty50's rise of over 29 per cent.
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