Infibeam Avenues share price jumps 6% to hit 52-week high on ₹2,000 crore MOU with Gujarat government

Infibeam Avenues share price jumped over 6% to touch a 52-week high following the announcement that it had inked a ₹2,000 crore Memorandum of Understanding (MOU) with the Gujarat government at the Vibrant Gujarat Global Summit 2024. Infibeam Avenues share price today opened at ₹24.38 apiece on BSE. Infibeam Avenues stock price touched an intraday high of ₹25.52 and an intraday low of ₹24.25.

According to Ruchit Jain, lead research analyst at 5paisa, the short-term momentum for the Infibeam Avenues stock is positive, as good volumes have been noticed along with the recent price upmove.

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The Infibeam Avenues Ltd share price can continue its upmove towards ₹27–28 in the short term and up to ₹32 in the medium term. The support is placed around ₹21, according to Jain.

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According to the company's press release, the Gujarat government and it have signed a MoU for the development of cutting-edge vision artificial intelligence (AI) platforms and payment systems for retailers, with a proposed investment of ₹2000 crore by the financial year 2030 in the AI Hub.

This MoU between Infibeam Avenues and the Gujarat Government demonstrates the company's unwavering commitment to enhancing India's AI landscape and fostering cooperation to support the expansion and uptake of AI devices among Indian retailers, said the company in its release. 

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd,  said, "With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country. The incorporation of AI technology will not only elevate the competitiveness of retailers but also position Gujarat as a leading AI Hub for innovative solutions in the rapidly expanding Indian retail sector."

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The recently signed MoU represents the establishment of a long-term partnership with the Gujarati government. The government will facilitate Infibeam Avenues Ltd's efforts to obtain the required permits, registrations, approvals, and clearances from state and federal government agencies in compliance with current policies, rules, and regulations.

In a recent development, Infibeam Avenues Ltd. officially named its AI-Hub at Gandhinagar's GIFT city "Phronetic.ai." Collaboration between the government, commercial businesses, tech companies, tech start-ups, developers of AI technology, and retailers is expected to be greatly aided by this hub.

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