L&T Technology Services' stock hit a 52-week high of Rs 5,508.70, up more than 2% intraday, after NVIDIA and Mavenir chose the company as their engineering partner.
The stock returned 253.52 percent over a three-year period, compared to 68.7% for the Nifty 100. Over a three-year period, the stock returned 253.52 percent, while the Nifty IT provided investors a 151.95 percent gain.
"L&T Technology Services has been selected as an engineering partner by Mavenir and NVIDIA, to accelerate the adoption of the industry's first converged AI-on-5G," the company said in a release.
The company will support Mavenir with customisation, integration and deployment of AI applications for deployment on NVIDIA's AI-on-5G Platform
AI is already transforming many industries across the globe. When combined with the power of 5G networks, the two technologies would enable powerful new use cases in a quick, secure, and cost-effective manner, it said.
Only 2.35 percent of trading sessions in the last five years had intraday gains of more than 5%. For the first time in five years, the company is debt-free. L&T Technology Services Ltd., founded in 2012, is a Mid Cap business in the IT Software sector with a market capitalization of Rs 56,449.46 crore.