The artificial intelligence (AI) industry in India is experiencing significant growth and transformation, with the country actively catching up with global trends in AI technology.
The AI industry in India is undergoing rapid evolution, witnessing the implementation of AI technologies across diverse sectors such as healthcare, education, and business. According to a report by Nasscom, India’s AI market is projected to achieve a compound annual growth rate (CAGR) of 25% until 2027, driven by technological advancements, research, and government initiatives.
Below are five stocks leading in the field of Artificial Intelligence (AI).
Persistent Systems Ltd.
Persistent Systems Ltd. is engaged in the business of artificial intelligence (AI), offering a wide range of AI services and solutions to drive innovation and enhance operational efficiency.
Persistent Systems Ltd. has solidified its position in the AI industry through strategic collaborations with global AI leaders such as AWS, Google, IBM, Microsoft, and Salesforce.
Furthermore, Persistent Systems Ltd. has introduced SASVA, an AI platform designed to harness the power of large language models (LLMs) and machine learning (ML) to accelerate software releases.
In addition to this, the company has collaborated with Google Cloud to develop generative AI solutions, aimed at accelerating the implementation of generative AI applications for database and application modernization, as well as advanced analytics.
In partnership with Microsoft, Persistent Systems has developed an AI-driven population health management (PHM) solution aimed at identifying social determinants of health (SDoH) to improve patient care and anticipate the associated costs of clinical conditions.
Additionally, over the last six months, Persistent Systems Ltd. stock has risen by 34 percent, marking a 77 percent gain over the course of the past year. However, the company’s shares experienced a 2.90 percent decrease on Friday, closing at ₹7,967 per share on the stock exchange.
The company’s annual revenue saw an increase of 15 percent, moving from ₹2,169 crores in Q3 FY23 to ₹2,498 crores in Q3 FY24. Moreover, the net profit has increased by 20 percent from ₹238 crores to ₹286 crores over the same period.
Coforge Ltd
Coforge is an IT services company providing end-to-end software solutions and services. Coforge has made significant strides in the AI business, developing a range of AI products and services that showcase its commitment to innovation in AI technology.
The company has introduced two innovative AI platforms, Coforge Quasar, to support Enterprise AI capabilities and transform various aspects of organizational operations such as customer service, operations, research, sales & marketing, finance, and human resources through its cognitive and generative features.
Additionally, Coforge Ltd. introduced Coforge Orion, a Generative AI Platform. To harness the power of generative AI to deliver an autonomous self-service solution, with the objective of transforming the landscape of business-customer interactions.
In the last six months, Coforge Ltd. shares have seen a 6 percent increase, while over the past year, they have witnessed an impressive growth of 50 percent.
Additionally, on Friday, the company’s shares closed at ₹5,544 per share, marking a decrease of 2.85 percent on the stock exchange.
The company’s annual revenue saw an increase of 13 percent, moving from ₹2,056 crores in Q3 FY23 to ₹2,323 crores in Q3 FY24. Moreover, the net profit has increased by 3 percent from ₹236 crores to ₹243 crore over the same period.
Happiest Minds Technologies
Happiest Minds Technologies Ltd. is a next-generation IT solutions & services company. The company operates in segments including Infrastructure Management & Security Services (IMSS), Digital Business Solutions (DBS), and Product Engineering Services (PES).
The company has established a dedicated business unit specializing in Generative AI Business Services (GBS) to offer full-scale Generative AI solutions across multiple domains.
Furthermore, Happiest Minds Technologies has been at the forefront of AI innovation, actively providing invaluable assistance to its clients in the AI domain. With a portfolio comprising over 120 use cases across various domains, the company has crafted bespoke Generative AI solutions for more than 20 clients.
Happiest Minds Technologies collaborated with DataRobot to offer AI solutions to enhance Machine Learning Operations (MLOps) and production AI capabilities.
Over the past six months, Happiest Minds Technologies’ stock has undergone a 15 percent reduction, along with a 3 percent decrease in the last 12 months. Additionally, on Friday, the company’s shares concluded trading at ₹778 each, marking a 0.20 percent decline on the stock exchange.
The company’s annual revenue saw an increase of 7.5 percent, moving from ₹345 crores in Q3 FY23 to ₹371 crores in Q3 FY24. Moreover, the net profit has increased by 40 percent from ₹57 crores to ₹80 crores over the same period.
Kellton Tech Solutions Ltd
Kellton Tech Solutions Ltd is a leading provider of artificial intelligence (AI) services and solutions, with a comprehensive portfolio that includes digital transformation and other IT services. They prioritize the utilization of AI and machine learning technologies to drive innovation and address diverse client needs.
Kellton Tech has developed customized AI solutions tailored to meet individual client requirements. This involves leveraging the innovative capabilities of Generative AI, deriving strategic insights through predictive Analytics, enhancing efficiency with Utilitarian AI, and enabling data-driven decision-making through machine learning.
Furthermore, the company has deployed its cloud-based AI-enabled IoT platform, ‘Optima,’ catering specifically to the Oil and Gas sector. The platform utilizes AI to deliver crucial insights and analytics, enhancing operational efficiency and decision-making within the industry.
Kellton Tech Solutions Ltd. has forged strategic alliances with a range of technology and channel partners, such as Amazon Web Services, Google, Microsoft, IBM, Magento, SAP, MuleSoft, and others.
In the recent six months, Kellton Tech Solutions Ltd’s stock has experienced a notable 14 percent increase, while over the course of the last year, it has shown an impressive growth of 104 percent. Additionally, on Friday, the company’s shares concluded trading at ₹101 per share, marking a marginal uptick of 0.05 percent on the stock exchange.
Meanwhile, the company’s annual revenue has shown a 7 percent uptick, rising from ₹230 crores in Q3 FY23 to ₹245 crores in Q3 FY24. However, there has been a 50 percent decline in net profit during this period, dropping from ₹16.56 crores to ₹8.13 crore.
Tata Elxsi Ltd
Tata Elxsi provides AI-based video analytics solutions designed to deliver accurate results by utilizing a complex web of deep learning models working in tandem. These solutions are tailored for industry-specific needs and are designed to simplify complexity for end-use
The company has created AIVA, a video analytics solution tailored specifically for the industry. exclusively for industries that use a complex web of deep learning models to deliver accurate results.
Tata Elxsi has introduced Autonomai, an autonomous driving platform to facilitate the creation, testing, and implementation of autonomous vehicles. Autonomai empowers the development and deployment of autonomous driving solutions across diverse transportation systems.
Over the past six months, Tata Elxsi Ltd. stock has seen a 5 percent uptick, with a notable 26 percent rise over the preceding 12 months. However, at the close of trading on Friday, the company’s shares settled at ₹7,672 each, marking a marginal decrease of 0.40 percent on the stock exchange.
The company’s annual revenue saw an increase of 12 percent, moving from ₹818 crores in Q3 FY23 to ₹914 crores in Q3 FY24. Moreover, the net profit has increased by 6 percent from ₹195 crores to ₹206 crores over the same period.
Written by Omkar Chitnis
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