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L&T Tech stock at life time high, here’s why

L&T Technology Services stock has surged 6 percent and traded at a fresh lifetime high on Wednesday. 
This development comes as the company has been selected as an engineering partner by Mavenir, as well as Nvidia to accelerate the adoption of the industry's first converged AI on 5G platform. Though the size of the deal is not known, L&T Tech is set to be one of the partners.
L&T Technology Services said that the AI on 5G is supported by a large ecosystem of partners offering a range of applications.
Given Nvidia is a big spender on research and development (R&D), analysts say that the deal would be a good client addition for L&T Technology, and so the street seems fairly excited. The stock is out one 140 percent this year, and it is up to 240 percent in the last year. It is an expensive stock, trading at 40 times FY23 PE.