L&T Technology Services shares climb after Nokia contract
L&T Technology Services shares rose more than 3% on Monday after the firm disclosed a five-year contract with Nokia to back its engineering and R&D work in India. The stock traded at Rs 4,037.7, up about 3.3% by 10:17 a.m. on Oct. 26.
The agreement covers product engineering, software development, system integration, and product support, though the companies did not reveal any financial terms.
Under the deal, L&T Technology Services will establish a dedicated Offshore Development Center in India to support Nokia’s engineering and R&D initiatives. The center will focus on next-generation computing and artificial-intelligence infrastructure for telecommunications solutions.
A separate engineering team will be built to serve Nokia’s global Technology Center. The team’s work will span 5G networks, intelligent automation, AI-driven operations, embedded systems, new product development, and ongoing engineering support. The two companies will work through an integrated operating model involving Nokia’s global R&D teams.
Alind Saxena, executive director and president of strategic initiatives and growth markets at L&T Technology Services, said the partnership is a significant milestone for the company and its Technology Segment. The deal aligns with L&T Technology Services’ Lakshya 3 Big Bet, as stated by Saxena.
Vivek Jaiswal, senior vice president of engineering at Nokia, noted that India is an important innovation hub for the company. The collaboration will help expand its R&D presence and accelerate innovation in the country.
The deal strengthens L&T Technology Services’ engagement with Nokia across engineering and technology development, with a focus on supporting future telecommunications networks and AI infrastructure.
The stock has rallied close to 26% in the past month despite broader market volatility. In the last week, it gained roughly 11.8%, though it remains down about 8% in 2026 year-to-date. L&T Technology Services now trades at a price-to-earnings multiple of 26.9 and carries a market cap of Rs 42,812.2 crore.
