Infibeam Avenues witnessed a notable surge of over 6% in its share price, reaching a 52-week high. This upswing followed the announcement of a ₹2,000 crore Memorandum of Understanding (MOU) between the company and the Gujarat government during the Vibrant Gujarat Global Summit 2024. The stock opened at ₹24.38 on the Bombay Stock Exchange (BSE), touching an intraday high of ₹25.52 and a low of ₹24.25.
Ruchit Jain, lead research analyst at 5paisa, emphasized the positive short-term momentum of Infibeam Avenues stock, attributing it to significant volumes and recent price movements. According to Jain, the stock could potentially continue its upward trajectory, reaching ₹27–28 in the short term and up to ₹32 in the medium term, with support around ₹21.
The MOU entails a collaboration between Infibeam Avenues and the Gujarat government for developing cutting-edge vision artificial intelligence (AI) platforms and payment systems for retailers.
The proposed ₹2,000 crore investment by the financial year 2030 aims to establish an AI Hub. The partnership reflects Infibeam Avenues’ commitment to enhancing India’s AI landscape and promoting AI device adoption among retailers.
Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, expressed the company’s goal to strengthen its partnership with the Gujarat government, fostering growth opportunities for retailers nationwide. The incorporation of AI technology is expected to boost retailers’ competitiveness and position Gujarat as a leading AI Hub in the rapidly expanding Indian retail sector.
The MOU signifies a long-term collaboration, wherein the government will support Infibeam Avenues in obtaining necessary permits, registrations, approvals, and clearances from relevant authorities. As part of this initiative, Infibeam Avenues officially named its AI-Hub in Gandhinagar’s GIFT city as “Phronetic.ai.”
This hub is envisioned to facilitate collaboration between the government, commercial entities, tech companies, startups, AI technology developers, and retailers, thereby contributing to the advancement of AI solutions in the region.
