Panache DigiLife jumps nearly 20 per cent on signing MoU with leading IT company, hits upper circuit

Panache DigiLife, a leading provider of new-age AI & IOT technology solutions, via its recent press release informed that it has signed a memorandum of understanding (MoU) with a leading IT company, whose name has not been disclosed yet.  Soon after this, the stock was seen buzzing on the bourses.  

The stock of Panache DigiLife hit the upper circuit by surging 19.98 per cent while the volume for the day stood near 3.7 lakh, which is greater than its previous trading sessions. Also, its volume is greater than the three-times of 10-day average volume. It recorded a fresh all-time high of Rs 73.85 on NSE. Earlier, the all-time high for the stock was Rs 72.80, recorded in January 2020.   

Coming back to the MoU, the agreement has been signed for designing & manufacturing laptops with embedded artificial intelligence (AI) and the internet of things (IoT) feature. This deal aims at transforming education, which is undergoing a major revolution by using the latest embedded AI & IoT technologies.  

  According to the MoU, Panache will design and manufacture devices (laptops precisely), having various unique features such as security, AI & IoT sensors. The company shall deploy these devices with their world-class solution and has reportedly committed to the mutually exclusive deployment of a minimum of 1 lakh units of laptops from Panache in a period of 36 to 48 months.   

 As per Panache, the commercial value of these deployments is estimated at Rs 200 crore and it is expected to impact the lives of more than 20 crore Indians in the subsequent years.   

 This deal will enhance the world-class solution building capacities of the said IT company as well as Panache’s highly acknowledged designing skills along with its manufacturing capabilities. This shall help in delivering a world-class solution entirely ‘Made in India’.      

 At 1.27 pm today, the share price of Panache DigiLife stood at Rs 73.85, which was an increase of 19.98 per cent over its previous day’s close of Rs 61.55 on NSE.