Datamatics Global shares hit upper circuit of 20% in afternoon session, here's why

Shares of Datamatics Global Services hit upper circuit of 20% on Tuesday after the IT firm said the company has joined hands with Microsoft to build AI solutions through copilots. The solutions will focus on process automation to accelerate business transformation for organisations.

Datamatics Global stock rose 20% to Rs 673.20 in the afternoon session against the previous close of Rs 561 on BSE. Market cap of the firm stood at Rs 3,973.88 crore. 

Total 2.30 lakh shares of Datamatics Global changed hands amounting to a turnover of Rs 14.93 crore. The multibagger stock has a one-year beta of 1.2, indicating high volatility during the period.        

In terms of technicals, the relative strength index (RSI) of Datamatics Global stands at 41.2, signaling it's trading neither in the overbought nor in the oversold zone. Datamatics Global shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day, 200 day moving averages.      

"Datamatics has launched a Partner On-boarding Copilot available on the Microsoft Teams store which integrates Azure OpenAI with Datamatics Intelligent Automation Platform. With this new feather in the cap, Datamatics was recognized as one of the ISVs building an ISV custom copilot solution and they were featured in the Microsoft Build 2024 conference held in Seattle, USA, along with a prominent mention in the blog by Merav Davidson, Vice President, Industry AI from Microsoft," said Datamatics Global.

Shashi Bhargava, EVP and Head of Intelligent Automation, Datamatics said, “Datamatics suite of Generative AI-powered Intelligent Automation products and solutions with Microsoft Copilot have created new avenues of automation and go-to-market precedents. The Partner On-boarding application is just one testament to its capability to fulfill business requirements and customizations to suit changing business scenarios.” He further adds, “We take immense pride in being recognized by Microsoft as a global leader in Copilot adoption and are proud to lead the way in redefining organizational operations, and this is only the beginning of our journey."

Datamatics Global Services Ltd is engaged in business with global customers across Banking, Financial Services, Insurance, Healthcare, Manufacturing, International Organizations, Media & Publishing.