Infibeam Avenues Surges on ₹2,000 Crore MoU with Gujarat Government

Infibeam Avenues Surges on ₹2,000 Crore MoU with Gujarat Government

VoM News Desk | January 10, 2024 | 11:09 AM IST | Breaking News | Follow on Google News

Infibeam Avenues Surges on ₹2,000 Crore MoU with Gujarat Government

Infibeam Avenues Surges on ₹2,000 Crore MoU with Gujarat Government

Infibeam Avenues witnessed a remarkable 6% surge, hitting a 52-week high after sealing a ₹2,000 crore Memorandum of Understanding (MoU) with the Gujarat government during the Vibrant Gujarat Global Summit 2024. Commencing the day at ₹24.38 per share on the BSE, the stock reached an intraday high of ₹25.52 and a low of ₹24.25.

Ruchit Jain, 5paisa’s lead research analyst, expressed optimism about the short-term momentum of Infibeam Avenues, citing promising volumes alongside the recent price surge. Jain forecasts the stock’s upward trajectory, eyeing a short-term climb to ₹27–28 and a medium-term potential upswing to ₹32, with a support level at ₹21.

The MoU, aimed at developing cutting-edge vision artificial intelligence (AI) platforms and payment systems for retailers, signifies Infibeam Avenues’ commitment to bolstering India’s AI landscape. The company aims to facilitate the expansion and adoption of AI devices among Indian retailers, as stated in its press release.

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, emphasized the MoU’s significance in strengthening their partnership with the Gujarat government. He highlighted the incorporation of AI technology to enhance retailers’ competitiveness and position Gujarat as a leading AI hub in India’s burgeoning retail sector.

This collaboration represents a long-term commitment between Infibeam Avenues and the Gujarat government, wherein the government will aid the company in acquiring necessary permits, registrations, and approvals from relevant authorities.

In a recent development, Infibeam Avenues officially named its AI-Hub at Gandhinagar’s GIFT city as “Phronetic.ai.” This move is expected to foster collaboration among governmental bodies, commercial enterprises, tech companies, startups, AI technology developers, and retailers, significantly enhancing the AI ecosystem.

VoM News Desk

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