New Delhi, Oct. 7 -- LTIMindtree Ltd was the best-performing IT stock on Tuesday morning, rising 1.1%, after the country's sixth-largest IT services firm announced Monday evening that it had won its largest-ever contract, valued at over $585 million over six years.

The deal, from New York-based Paramount Global, comes as part of a vendor consolidation exercise, according to three people with knowledge of the matter. "At least three-fifths of this deal is new business for the company that it got as part of vendor consolidation," said one of the sources, translating to around $350 million in incremental revenue for LTIMindtree.

The win comes less than six months after the company announced its previous biggest contract with Chicago-based ...