The shares of this midcap IT company jumped around 2 percent after announcing a collaboration with NVIDIA to develop software-defined architectures for medical devices.
With a market capitalization of Rs. 47,087 crores, L&T Technologies Ltd shares opened flat on Monday’s trading session at Rs. 4,455 compared to its previous close at Rs. 4,453.70. The share hit a high at Rs. 4,559.90 making a gain of around 2 percent and currently trading at Rs. 4,512 apiece.
Such a positive movement was observed after the company in an exchange filing announced that they are collaborating with NVIDIA to develop software-defined architectures for medical devices focused on endoscopy.
The above-mentioned architecture is a scalable platform that supports multiple applications, providing a real-time decision-making tool for the medical fraternity. The architecture boasts an image processing pipeline for noise reduction, edge and contrast enhancement, color enhancement, and speckle correction.
The collaboration leverages the NVIDIA, featuring ultra-low latency in data transfer, superior image processing, and scalability to support multiple AI-enabled applications. This helps ensure enhanced visualization for image processing and AI-based decision-making support.
Digging into the financials, The company’s revenue increased by 4 percent from Rs. 2,301 crores in the June quarter to Rs. 2,386 crore in the September quarter. In addition, the net profit marginally increased by 1.2 percent from Rs. 311 crores to Rs. 315 crores during the same timeframe.
According to the latest shareholding pattern, the Promoters have a 73.77 percent stake in the company, the Public have 9.55 percent shares, DIIs have a considerable stake of 10.79 percent, and the remaining 5.89 percent are with the FIIs.
Headquartered in Mumbai, L&T Technologies Ltd is a subsidiary of Larsen & Toubro Limited. The company offers development, consultancy, design and testing services across the product and process development life cycle.
Written By Vaibhav Patil