- Shares of Blue Cloud Softech surged over 40% in two sessions after AI talks with SpaceX International
- Blue Cloud Softech is exploring non-binding AI collaboration opportunities with SpaceX International
- The Hyderabad-based company did not confirm any link between SpaceX International and Elon Musk's SpaceX
Small-Cap Stock Under Rs 50: Shares of Blue Cloud Softech Solutions have surged over 40% in two consecutive sessions after the company informed the stock exchanges that it is evaluating preliminary business and collaboration opportunities in the artificial intelligence space with SpaceX International Ltd. In a filing to BSE, Blue Cloud Softech said it is exploring non-binding opportunities related to AI technology with SpaceX International. Investors must note that the Hyderbad-based company has not confirmed whether SpaceX International is related directly or indirectly to trillionaire Elon Musk's SpaceX Ltd.
On Monday, shares of the BSE-listed small-cap stock, which currently trades under Rs 50, rallied nearly 20% after the annoucement. It has rallied by another 20% on June 23. On Tuesday, the stock opened at Rs 22.70 and rallied 19% to hit an intraday high of Rs 25.96 apiece on the BSE. This compares to a 0.72% drop in the BSE Sensex.
The small-cap AI stock has soared 33% in one month and 18% on a year-to-date basis. However, Blue Cloud Softech has delivered multibagger returns of 465% over the past five years. The stock is down 12% over six months and 26% over a year. The stock hit an all-time high of Rs. 127, down 86% since then. The company commands a market cap of Rs 1,592.01 crore.
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Blue Cloud Softech in talks with SpaceX International
Blue Cloud Softech said both parties have established a framework for exchanging details to facilitate discussions and assess potential areas of collaboration. For Blue Cloud, the move aligns with its strategy of exploring opportunities in digital infrastructure, emerging technologies, including artificial intelligence, cloud computing and digital transformation.
However, it clarified that 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.
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