Introduction:
Machine Learning (ML) and Artificial Intelligence (AI) have emerged as a driving force behind transformative innovations. As businesses across the globe continue to harness the power of AI and ML, the stock market presents lucrative opportunities for investors keen on riding the machine learning wave.
NVIDIA Corporation, IBM, Micron Technology Inc., and Amazon Ltd. are among the prominent AI stocks traded on the US stock exchange. Despite this, the trend has not yet gained momentum in the Indian markets. But if you are looking for AI and ML stocks listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), rest assured that you are headed in the right direction.
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​​​​​​​AI and ML stocks will dictate the Indian stock markets in the upcoming years. By investing in such stocks, you can leverage these technologies' potential and gain exceptional returns in the long term. Keep reading to learn more about machine learning stocks and the best machine learning stocks in India in 2024.
What are machine learning stocks?
Machine learning stocks represent equity shares in companies actively developing, applying, or leveraging machine learning and artificial intelligence technologies. The top machine learning stocks span various industries, encompassing tech giants, fintech firms, healthcare, e-commerce, retail, and cyber security, among others.
Top Machine Learning Stocks in India in 2024
Below are the top machine learning stocks in India that you can add to your portfolio in 2024:
1. Tata Consultancy Services
TCS, India's largest IT services company, has been a stalwart in machine learning and artificial intelligence. With a robust portfolio of services, TCS is well-positioned to capitalise on the growing demand for AI-driven solutions.
As of 7 March 2024, TCS shares were trading for Rs. 4,108.60 per share at the NSE and Rs. 4,110.10 per share at the BSE. The company’s market cap stood at Rs. 14,87,070 crores.
2. Infosys
Infosys, a global consulting and IT services leader has been actively integrating machine learning into its offerings. The company's focus on digital transformation and innovation aligns with the increasing reliance on AI technologies. Infosys' partnerships with leading technology providers and commitment to upskilling its workforce underline its dedication to staying ahead in the machine learning game.
As of 7 March 2024, Infosys’ shares were trading for Rs. 1,616.45 per share at the NSE and Rs. 1,616.95 per share at the BSE. The company’s market cap stood at Rs. 6,71,121 crores.
3. Happiest Minds Technologies Limited
Happiest Minds Technologies Limited is a mid-sized IT services company that has been making big strides in machine learning. Its focus on delivering innovative solutions and personalised customer experiences through AI sets it apart.
As of 7 March 2024, Happiest Minds Technologies’ shares were trading for Rs. 831.40 per share at the NSE and Rs. 831.05 per share at the BSE. The company’s market cap and ROE stood at Rs. 12,655 crores and 16.64%.
4. Persistent Systems Limited
Persistent Systems Limited specialises in digital engineering and serves various industries globally. Notably, it has earned the distinction of being named Google Cloud's 2023 Social Impact Partner of the Year. The company collaborates closely with generative AI to enhance the efficiency of its applications.
As of 7 March 2024, Persistent Systems Limited’s shares were trading for Rs. 8,372.10 per share at the NSE and Rs. 8,365.95 per share at the BSE. The company’s market cap stood at Rs. 64,439 crores.
5. Cyient Limited
Cyient Limited is an Indian multinational technology and engineering services company established in 1991. The company's headquarters is located in Hyderabad, India. The company’s primary offerings encompass software solutions, engineering services, and geospatial services.
As of 7 March 2024, Cyient’s shares were trading for Rs. 1,987.75 per share at the NSE and Rs. 1,985.40 per share at the BSE.
To conclude
Investing in machine learning stocks in India presents an exciting opportunity to participate in the technological revolution shaping industries worldwide. While the stocks mentioned above are poised for growth in 2024, investors must conduct thorough research, monitor market trends, and stay abreast of industry developments.
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