Blue Cloud Softech shares gained 20 percent on Wednesday after the company announced a deal to develop artificial intelligence chips for a US-based firm.
The stock opened higher at Rs 25.25, up over 5 percent on the BSE. It later hit the upper circuit limit of Rs 28.66, marking a 20 percent jump. The scrip has risen for two straight sessions.
The strong buying was seen after the software products firm disclosed a USD 15 million agreement with Byte Eclipse, an internet-of-things company in the United States, to design and develop edge AI chips for the oil and gas industry.
According to a regulatory filing, the chips will support real-time data processing and decision-making for applications such as predictive maintenance. The company said the technology aims to meet sector-specific requirements, including remote operations, extreme conditions and data security.
Phase one of the project, worth USD 15 million, is expected to be completed in 18 months, with plans to expand the solution globally in later stages, the filing added.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
