Infibeam Avenues is there on the BSE currently as the top gainer, opening at Rs.24.38 and surging over 13% to hit a new 52-week high at Rs.27.38, where it is currently quoted. The stock has been hitting a new high consistently since Tuesday, 9th Jan.

Apart from the current mad rush on the Street to buy into small and midcap stocks, the reason for this new found love for Infibeam is to do with the company signing a Rs.2000 crore MoU with the Gujarat government at the Vibrant Gujarat Global Summit 2024.

Infibeam is a payment infrastructure and software as a service (SaaS) fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries.

The MoU is for developing cutting-edge vision AI-technology for payments and platforms, specifically tailored for retailers.

Recently, Infibeam Avenues had officially named its AI-Hub located at GIFT city, Gandhinagar, as Phronetic.ai. This hub is set to play a pivotal role in fostering collaboration among the government, private enterprises, tech enterprises, tech start-ups, AI technology developers and retailers.

The company is actively engaged in the development of its first AI solutions tailored for retailers, with the flagship product named ‘Theia’, a user-friendly video intelligence platform.