Shares of Tata Communications Ltd. and Reliance Industries Ltd. rose on Monday after they entered into partnerships with Nvidia Corp. to build large-scale artificial intelligence infrastructure.
The U.S.-based chipmaker has tied up with the conglomerates to build infrastructure-as-a-service and platform for AI services.
Shares of Tata Communications were trading 1.86% higher at Rs 1,920.30 apiece in comparison with a 0.54% advance in the benchmark NSE Nifty 50 as of 10:26 a.m. It rose as much as 2.69% to hit a record high of Rs 1,935.9.
The stock has risen 50.05% year-to-date. The total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 72, implying that the stock maybe overbought.
Of the eight analysts tracking Tata Communications, three maintain a 'buy' rating on the stock, as many suggest 'hold' and two recommend 'sell'. The average of 12-month analyst price targets implies a potential downside of 13.4%.
Shares of RIL were trading 0.60% higher at Rs 2,462.95 apiece compared with a 0.48% advance in the Nifty as of 10:30 a.m. It rose as much as 0.81% to an intra-day high of Rs 2,468.
The stock has risen 6.27% on a year-to-date basis. The relative strength index was at 50.31.
Thirty-two out of the 40 analysts tracking RIL maintain a 'buy' rating on the stock, five suggest 'hold' and three recommend 'sell'. The average of 12-month analyst price targets implies a potential upside of 13.5%.
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