Shares of this multibagger micro-cap stock associated with the ‘Telecom’ sector were in focus in Thursday’s trading session after the company announced its foray into the “Artificial Intelligence” (AI) industry.
With a market capitalization of Rs 409.51 crores, the stocks of Kore Digital Limited started their trading session on Thursday at Rs 1,199.90 and currently trade at Rs 1,163.40. The company’s scrip witnessed an intra-day high of Rs 1,212.95 exhibiting a gain of approximately 5 percent as compared to the previous close of Rs 1,155.20 apiece.
Such bullish share price movements were observed today after the company, through a recent regulatory filing with the National Stock Exchange (NSE), provided an update about its foray into the “Artificial Intelligence” (AI) industry.
The company has decided to establish a dedicated AI centre for research and development (R&D) to harness the full potential of AI. The same will be able to produce ultrahigh precision parts and produce tissues with vascularization and nerves, remove defects, and conduct in vivo operations in the future.
Moreover, the company plans to develop an AI-based Gene editing tool and Gene replacement tool for Synthetic biology product development, early detection of genetic diseases, and correction through gene therapy. It also plans to do AI-assisted metal 3D printing for use in various projects in the ‘space’ and ‘defense’ sectors.
During the recent financial quarters, the company’s basic business indicators, including its operating revenues as well as after-tax profits, showed a stellar performance with the former increasing from Rs 12.83 crores during Q2FY24 to Rs 53.95 crores during Q3FY24 and the latter, during the same period, rising from Rs 2.52 crores to Rs 4.16 crores.
Keeping a purview of the last six months, the company’s stock has delivered multibagger returns of approximately 400 percent to its stakeholders, i.e., if someone had invested Rs 1 lakh into the company’s stock six months ago, it would have converted to Rs 5 lakhs.
Incorporated in 2009, Kore Digital Limited is an India-based company engaged in the business of providing telecom and infrastructure development services. The company own as well as maintain optical fiber cable infrastructure. The company serves telecom network operators, broadband service operators, Internet service providers, etc.
Written by Amit Madnani
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