Reliance Power shares climbed more than 18 percent in early trade on Wednesday after the company announced its foray into artificial intelligence (AI) and allied new-age technologies.
The stock surged 18.35 percent to Rs 29.40 per share on the NSE during early trade. Later, the stock pared some gains amid profit booking and was trading at Rs 28.98, up 16.67 percent, at around 11 a.m.
The rally came after the company, in an exchange filing, said it has undertaken certain enabling steps through its subsidiaries to participate in the rapidly evolving field of artificial intelligence and allied new-age technologies.
The company said the move is aimed at incorporating AI and related technology-driven activities within its business framework.
As part of the exercise, the company has amended the objects of its subsidiaries to include artificial intelligence and technology-enabled services. It has also approved the new names of the subsidiaries, including Reliance AI Green Power Private Limited, Reliance AI Power Private Limited, Reliance AI Data Control Private Limited and Reliance AI Data C Private Limited.
Shares of Reliance Power have gained nearly 30 percent over the past three months, outperforming the benchmark Sensex, which has risen around 5 percent during the same period.
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