Artificial Intelligence Stock in India

Artificial Intelligence (AI) is no longer a thing of the future. It is right here and is present everywhere around us.

AI is linked to every aspect of our lives. Each of us is currently using this technology in some form or the other. From personal digital assistants like Siri, Google Assistant, Alexa to self-driving cars, it is being used very widely.

Its use is increasing daily in the rapidly growing healthcare, finance, e-commerce and manufacturing.

Furthermore, businesses like Swiggy and Zomato, which have invested heavily in AI over the years, have seen the power of technology to sustain and drive growth. This has propelled the discussion towards the potential of AI for other companies in India.

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According to a report by Accenture, it is expected that AI has the potential to create 15% of India's current gross value or US$957 billion in 2035.

In the coming years, AI will change the way we live and work.

With the increasing demand for AI technology, investor interest in AI stocks has also increased.

Here is the list of top Indian companies working on AI in Indian stock market.

1. Coforge

Coverage is an IT services company that provides end-to-end software solutions and services.

It is one of the top-20 Indian software exporters.

The company was earlier known as NIIT Technologies and was incorporated in April 2003.

It offers AI-based digital business assistant, deep learning, machine learning, multi-currency, multi-lingual, multi-channel experience, image recognition, robotic process automation (RPA), natural language processing (NLP) and workflow automation.

In the past, the company has made a few acquisitions to increase revenue and increase geographic and customer presence.

In April 2021, Coforge completed its strategic investment in SLK Global Solutions. SLK Global has deep domain expertise in the banking and insurance segment in North America. It enjoys many long-term and scalable relationships with marquee clients with strong growth potential.

The company has given a return of 1,202% in five years. Currently, the shares of Coforge are trading at Rs 5,136 per share.

2. Happiest Minds Technologies

Happiest Minds is an IT consulting and services firm established in 2011.

The company works on disruptive technologies such as Artificial Intelligence, Cloud, Internet of Things (IoT), Blockchain, Robotics/Drones, Virtual Reality and other services.

The firm uses artificial intelligence for language processing, picture analysis, video analysis and upcoming technologies such as AR and VR.

In addition, the company assists organizations in using robots by using AI, thereby saving time and costs.

In September 2020, the firm was listed on the stock exchange. It is one of the most popular Indian Artificial Intelligence stocks.

The company's executive chairman Ashok Soota is the main promoter and was earlier the founding chairman and MD of Mind Tree. Prior to Mindtree, he headed Wipro's IT business for fifteen years.

The company has been able to give a return of 290.8 percent since the listing. Share of Happiest Minds is trading at Rs 1,445 on BSE.

3. Saksoft

Saksoft is a leading provider of information management solutions to successful companies around the world.

The company is a mid-sized IT company that provides end-to-end business solutions that leverage technology and enable its clients to enhance business performance.

It primarily focuses on achieving transformation through enhanced efficiency, productivity, enhanced customer decisions and service innovations by combining AI and automation.

Saksoft promotes digital transformation and applies intelligent automation to solve key business problems with the help of modern technology like IoT, AI, Machine Learning and Automation.

The company has delivered decent profit growth of 20.1% Compounded Annual Growth Rate (CAGR) over the last 5 years. The share of Suksoft is trading at Rs 913 on BSE.

4. Tata Elxsi

Established in 1989, Tata Alexi is a part of the Tata Group and performs in the midcap range in the stock market.

Tata Alexi is one of the leading providers of design and technology services across various industries. These include automotive, broadcasting, communication, healthcare and transportation.

The company has found success in various sectors such as self-driving cars, video analytics solutions, etc.

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Tata Alexi Artificial Intelligence Center of Excellence caters to the growing demand for intelligent systems. Its customers can access a cloud-based integrated data analytics framework that features patent-pending technology to achieve actionable insights and outstanding returns.

On the financial front, the company has performed well in the last few quarters. It has compounded profit growth of 19% in the last 5 years.

The stock has provided 535% returns in the last five years as compared to Nifty IT which has given 95% returns to the investors.

5. Persistent Systems

Persistent Systems Limited (PSL) is a distinguished IT player and market leader in outsourced software product development services.

Over the years, it has successfully made its presence felt in the AI space.

Take your partnership approach with the biggest tech giants like Microsoft, Oracle, Amazon Web Services, Google Cloud Platform, Salesforce, Appian, etc. These partnerships provide the skill-set, capability and access to the partner's clients. Its partnership with IBM needs special mention.

Financially the company has performed well. It has achieved compound profit growth of 10% and sales growth of 13% over the past five years.

This stock has given a return of 462% in the last five years. Shares of Persistent Systems are currently trading at Rs 3,479 per share.

Apart from the above, here is a list of more AI-based stocks to watch out for in India.

Conclusion

Today, AI is a vital tool for many businesses, and the technology market in India is growing rapidly.

From online shopping to data used for educational purposes, AI has become an integral part of human life.

Also, many Indian start-ups are expanding and developing AI solutions in education, health, financial services and other sectors.

For the past few years, it has been attracting many companies to follow the trend, increasing investment due to its increasing demand in the present and future.

Investing in digital technologies can generate huge revenue in the coming years.