L&T Technology Services (LTTS) shares zoom on contract win
11:54, 17 November 2021
Shares of L&T Technology Services zoomed Wednesday on news the Indian engineering consultant will execute a contract for American firms Mavenir and NVIDIA Corporation.
The stock, which struck a one-year high in intra-day trade on the National Stock Exchange (NSE), ended 5.75% higher at INR5,675.50, ($76.42), valuing the provider of research and development (R&D) services at around INR598bn.
This was after L&T Technology Services (LTTS) said it will help software developer Mavenir deploy artificial intelligence (AI) driven applications on AI computing provider NVIDIA’s fifth-generation (5G) platforms.
“AI is already transforming many industries across the globe”, LTTS told shareholders in a 17 November stock market statement. “When combined with the power of 5G networks, the two technologies will enable powerful new use cases in a quick, secure, and cost-effective manner”.
NVIDIA’s AI-on-5G platform “brings together developments at the edge to accelerate the digital transformation of enterprises across all industries. 5G provides the underlying connectivity for billions of devices, extending AI’s reach to all connected objects and enabling new use cases and new markets”, the statement added.
“LTTS’ expertise in digital engineering will help accelerate the adoption of AI-on-5G platforms at the edge globally,” NVIDIA’s AI and 5G industry general manager Soma Velayutham commented.
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The news follows last week’s announcement that L&T Technology Services had entered into an agreement with Microsoft to offer LTTS’ Energy & Sustainability Manager Solution on Microsoft Azure to digitally transform and create sustainable factories of the future.
The agreement is part of LTTS’ expanded collaboration with the world's largest software maker.
The Bengaluru-based firm’s 17,900 employees worked out of 17 global design centres, 28 global sales offices and 72 innovation labs as of 30 September.
The founders decreased their holding in LTTS, from 74.23% to 74.15%, in the quarter through September.