Mphasis Shares Gain The Most In Eight Weeks On Launch Of AI Unit Mphasis.ai

Shares of Mphasis Ltd. gained the most in eight weeks after it launched its artificial intelligence unit, Mphasis.ai, to maximise business outcomes.

Shares of the company rose 3.48% to Rs 2,014.6 apiece as of 10:48 a.m., compared to a 0.15% advance in the benchmark Nifty 50. The stock gained as much as 3.71% intraday, the most in over eight weeks since March 31.

The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was 67.6.

Shares of the company rose 3.48% to Rs 2,014.6 apiece as of 10:48 a.m., compared to a 0.15% advance in the benchmark Nifty 50. The stock gained as much as 3.71% intraday, the most in over eight weeks since March 31.

The total traded volume so far in the day stood at 2.2 times its 30-day average. The relative strength index was 67.6.

Of the 36 analysts tracking the company, 18 maintain a 'buy' rating, 11 recommend a 'hold,' and seven suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential downside of 1.1%.