- Shares of Blue Cloud Softech rose over 17% on June 22 after AI talks with SpaceX
- Blue Cloud Softech is exploring non-binding AI opportunities with Elon Musk's SpaceX
- The company’s shares surged to Rs 21.67, up nearly 19% intraday on the BSE
Shares of Blue Cloud Softech Solutions surged over 17% on Monday, June 22, after the company informed the stock exchanges that it is evaluating preliminary business opportunities in the artificial intelligence space with Elon Musk's SpaceX International Ltd. In a filing to BSE, Blue Cloud Softech said it is exploring non-binding opportunities related to AI technology with SpaceX. Domestic equity benchmarks resumed gains. NSE Nifty 50 rose 0.5% to 24,133.70, while Sensex gained 0.6%, or 421 points, to 77, 223.78.
On Monday, shares of the small-cap stock, which currently trades under Rs 50, opened at Rs 18.55 and surged nearly 19% to hit an intraday high of Rs 21.67 apiece on the BSE. Shares of Blue Cloud Softech last traded 16.78% higher at Rs 21.09 apiece on the BSE. This compares to a 0.59% rise in the BSE 30-share Sensex. The small-cap AI stock has soared 16% in five days and 14% in one month. The company commands a market cap of Rs 1,592.01 crore, according to stock exchange data.
ALSO READ: Kirloskar Oil Engines Share Price Jumps 19% In Trade - What's Fueling The Rally?
Blue Cloud Softech in talks with SpaceX
Blue Cloud Softech said both parties have established a framework for exchanging information to facilitate discussions and assess potential areas of collaboration. The company said the move aligns with its strategy of exploring opportunities in digital infrastructure and emerging technologies, including artificial intelligence, cloud computing and digital transformation.
However, Blue Cloud Softech clarified that the discussions remain preliminary and non-binding. It said the talks do not create any obligation for either party to enter into a transaction, joint venture, investment, partnership or definitive agreement. Any potential collaboration, if pursued, will be subject to due diligence, mutual agreement, regulatory approvals and the execution of the final documentation.
The heightened investor interest comes as SpaceX shares got listed on the tech-heavy Nasdaq after a record-breaking IPO. SpaceX shares jumped 19% in their Nasdaq debu, sending the AI and space exploring company's market value past $2 trillion. This made SpaceX the sixth-biggest US company by value and turned Elon Musk into the world's first trillionaire.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.