Shares of India’s largest listed company surged nearly 1% today after it announced its collaboration with US Chipmaker giant to generate AI apps in India.
Share price of Reliance Industries opened at Rs. 2440 levels and gained over 1% to reach its intra- day high of Rs. 2456 per share. The stock is currently trading at a discount of 5.34%. In the last five years, the stock has returned 95.91%
Reliance Industries and US chipmaker Nvidia have announced their collaboration to generate AI applications for India. The companies are working together to build AI infrastructure which are more powerful than fast supercomputers in India.
To serve India’s vast potential in AI, Reliance will create AI applications and services for their 450 million Jio customers and provide energy-efficient AI infrastructure to scientists, developers and startups across India, said NVIDIA in its press release.
As per its latest financials, the company recorded its numbers in red. It made a revenue of Rs. 210831 crore in Q1FY23 which is 2.5% lower than Rs. 216376 crore in Q4FY23. Its net profit of Rs. 19299 crore in Q4FY23 reduced 17% to Rs. 16011 crore in Q1FY24. The company maintains a low debt to equity ratio of 0.44
Reliance Industries is India’s leading conglomerate which offers its products and services in textile, refining, retail, telecommunications, and other industries. It was founded in 1958 in Mumbai, India. It is a part of the Fortune 500 and one of the largest listed companies in India.
Written by Bhumika Khandelwal
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