Shares of VA Tech Wabag Ltd. surged to an over-one-month high on Tuesday after it partnered with Pani Energy Inc. to implement applied artificial intelligence for water treatment plants.
The new category of digital technology is called operational intelligence and is delivered through their product, Pani ZED, in plant operations.
The partnership aims to leverage Pani's platform to optimise the operational expenditure in the plants by reducing downtime, energy consumption, and chemical usage. It will expedite decision-making processes and enhance the longevity of critical equipment, an exchange filing said.
Shares of the company rose as much as 11.04%, the most since Sept. 6, before paring gains to trade 10.03% higher at 1:15 p.m. This compares to a 0.55% advance in the benchmark NSE Nifty 50.
The stock has fallen 49.7% on a year-to-date basis. The total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 62.
All three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 28.5%.
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