Aurionpro Solutions' stock hit the 5 percent upper circuit of Rs 2,436.85 on reports of the tech firm buying a 67 percent stake in artificial intelligence firm Arya.ai, which will allow it to make advanced AI systems for big banks and insurance companies.
There were buyers for the stock but no sellers were available.
The acquisition, at $16.5 million, will allow Aurionpro to make advanced AI systems for big banks and insurance companies worldwide, the company said in a statement.
Buying Arya.ai will add a bunch of different products and skills to Aurionpro's collection. These include artificial intelligence, deep learning, smart automation, Platform as a Service (PaaS), self-operating AI systems, and specific solutions for different industries.
Arya.ai's Enterprise AI solutions enjoy the trust of over 100 banks and insurers across Asia, the release said.
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The transaction involves buying shares from existing shareholders and the injection of fresh equity capital, both through an all-cash deal.
"...We are going through probably the most significant platform shift in the industry, and we are incredibly excited about working with Arya.ai and our wider ecosystem partners to build out the leading enterprise AI platform for the financial industry worldwide," Aurionpro CEO Ashish Rai said.
Mumbai-based Aurionpro is a technology solutions provider specialising in banking, mobility, payments, and government sectors.
The stock has risen 11 percent this month and around 60 percent over the past six months.
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