Shares of Blue Cloud Softech Solutions Ltd. hit 20% upper circuit of ₹21.67 apiece on the BSE Monday, after the company said it was evaluating business opportunities in AI.
The rally in Blue Cloud Softech’s share price was also supported by robust trading volumes. Around 1 crore equity shares changed hands on BSE as compared to its one-week average trading volumes of 8 lakh and one-month average of 9 lakh.
The company is “evaluating preliminary, non-binding business opportunities” in the field of artificial intelligence technology with SpaceX International Ltd.
The parties have, at this stage, established only a framework for the exchange of information to facilitate discussions and an evaluation of potential areas of collaboration. This reflects the company’s continued focus on exploring strategic opportunities in the digital infrastructure and technology ecosystem, Blue Cloud Softech Solutions said in a regulatory filing on June 22.
Blue Cloud Softech Solutions said it believes that the growing demand for artificial intelligence applications and digital technology presents significant opportunities, and the proposed discussions are intended to assess the feasibility and potential scope of any future collaboration.
“The company clarifies that the preliminary discussions are solely for the purpose of evaluating potential business opportunities and do not create any binding obligation on either party to enter into any transaction, joint venture, investment, partnership or definitive agreement,” the company added.
However, market participants must note that SpaceX International Ltd is a different company the recently Nasdaq listed Elon Musk’s Space Exploration Technologies Corporation.
Blue Cloud Softech Solutions Share Price Performance
Blue Cloud Softech Solutions share price has fallen 16% in one month and has declined 20% in three months. The smallcap stock has plunged 35% in six months, while it has dropped over 30% in two years. Blue Cloud Softech Solutions share price has delivered multibagger returns of 282% over the past five years.
At 11:07 AM, Blue Cloud Softech Solution share price was trading 17.00% higher at ₹21.13 apiece on the .