- HCLTech announced a strategic investment in Indian AI firm Sarvam AI
- HCLTech led a Rs 1,427 crore Series B round, acquiring a 10.46% stake
- Sarvam AI is valued at $1.5 billion post-money after this funding round
Shares of HCLTech are buzzing in trade on Tuesday after the company announced a strategic investment in sovereign Indian AI firm Sarvam AI. The stock is trading at Rs 1,125, accounting for gains of around 3.25% compared to Monday's closing price.
This comes after HCLTech led a Rs 1,427 crore Series B round in Sarvam AI, acquiring a 10.46% stake as the strategic investor, thus valuing the AI company at $1.5 billion post-money.
Reacting to the acquisiton, Nomura has put out a bullish note on the counter, calling HCLTech's investment in Sarvam AI a first of its kind by an Indian IT services company in a sovereign AI platform.
The brokerage said funds raised will help Sarvam continue R&D for training next-generation frontier models, while the deal will enable HCLTech to develop industry and client-specific language models and AI solutions for its global client base.
ALSO READ: HCLTech's Sarvam AI Bet: Nomura Bullish, Morgan Stanley Flags Execution Risk
HCLTech's surge in trade today mirrors the sentiment in the broader IT pack, with Nifty IT emerging as the biggest sectoral gainer in trade.
While HCLTech is up more than 3%, TCS has also gained 1.54% despite confirming a $70 million hit in the first quarter of FY27 owing to US Supreme Court's decision on the DXC Tech case.
The likes of Infosys, Coforge and Persistent Systems are some of the other gainers in the Nifty IT pack, which has been on a positive trend after the US-Iran peace deal announcement.
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