L&T Technology Services Surges 6%, Hits 52-Wk High After This Announcement

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L&T Technology Services Surges 6%, Hits 52-Wk High After This Announcement
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of the engineering services company L&T (NS: LART ) Technology Services Ltd (NS: LTEH ) surged almost 6% to Rs 5,682 apiece at 2:50 pm on Wednesday, touching its 52-week high value.

The shoot in the company’s stock came after the company announced in a press release on November 17, that it had been selected as the engineering partner of the GPU producing major NVIDIA (NASDAQ: NVDA ) and the telecom software company Mavenir Private Holdings II Ltd (NASDAQ: MVNR ), to ‘accelerate the adoption of industry’s first converged AI-on-5G platform’.

In this project, the two technologies 5G and Artificial Intelligence will be linked together to significantly improve the performance of solutions and applications, while reducing the complexities and time involved in processing huge amounts of data in real-time, securely and cost-effectively.

The Vadodara-based engineering services company will help Mavenir with customising, integrating and deploying the artificial intelligence-based solutions and applications so that they can successfully be deployed on the ‘AI-on-5G’ platform of NVIDIA.



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