A small-cap IT stock under ₹50 jumped over 15 per cent in intraday trade on the BSE on Thursday, November 6, extending gains to the third consecutive session, clocking a cumulative gain of 30 per cent, defying weak market sentiment. Blue Cloud Softech Solutions share price opened at ₹34.82 against its previous close of ₹32.95 and surged 15.3 per cent to an intraday high of ₹38. However, the small-cap IT stock pared gains, as around 12:30 pm, it traded 6.2 per cent higher at ₹35.
The stock is witnessing healthy traction after it announced a $150 million technology ownership transfer (ToT) agreement with an Israel-based technology firm to develop edge-AI chip hardware design and manufacture semiconductors in India.
Blue Cloud Softech Solutions, in an exchange filing on November 4, said that the agreement includes a five-year strategic investment plan, covering technology integration, product development, and manufacturing setup in India, along with revenue sharing to the Israeli technology partner for hardware design transfer and intellectual property rights.
(This is a developing story. Please check back for fresh updates.)
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