Mastek stock soars 16% on collaboration with Nvidia AI Enterprise

On June 7, Mastek's shares surged by almost 16%, following the announcement of a collaboration with Nvidia AI Enterprise, aimed at enhancing customer experience. By 11:59 am IST, Mastek's stock had risen by 8.7%, trading at ₹2,803.85 per share on the National Stock Exchange (NSE). Over the past year, the stock has appreciated by nearly 50%, significantly outperforming the benchmark Nifty, which has returned approximately 24% in the same timeframe.

Mastek's cloud-native platform, icxPro, has formed a partnership with NVIDIA AI Enterprise to enhance Customer Experience (CX) management across various sectors. By leveraging AI-powered CX solutions, icxPro has shown a 20% return on capital employed (ROCE) in the manufacturing sector and holds significant potential in the BFSI and healthcare sectors, according to a statement by Mastek in an exchange filing on June 6. The introduction of icxPro represents a key advancement in Mastek's non-linear growth strategy.

According to the company, the icxPro, a cloud-native platform for creating scalable AI applications, will facilitate the development of domain-specific AI solutions using the comprehensive NVIDIA accelerated computing platform. This platform encompasses NVIDIA NIM microservices, which are part of the NVIDIA AI Enterprise software suite.  

Mastek's icxPro, powered by NVIDIA A100 Tensor Core GPUs, will help businesses achieve quicker market readiness and unlock substantial business value. The platform will offer key solutions in the Manufacturing, Healthcare, and BFSI sectors, including improved CX management, faster time to market, and enhanced customer engagement, the company stated. Mastek is a digital engineering and cloud transformation company based in India.

As of March 31, 2024, ace investor and fund manager Sunil Singhania held a total of 9.68 lakh equity shares, representing a 3.14% stake in the company, through two schemes of his Abakkus Asset Managers. At the intraday high of ₹2,987.90, this stake was valued at ₹287.85 crore.

icxPro integrates seamlessly with the NVIDIA AI stack, facilitating the creation of production-grade generative AI applications for enhanced CX management. Mastek's platform streamlines AI integration, speeding up the development of domain-specific solutions for sectors like Healthcare, Manufacturing, Retail, and BFSI. Additionally, businesses can leverage AI to gain deeper customer insights, personalize interactions, and automate tasks across various channels, leading to a more seamless and engaging customer experience.

Ritwik Batabyal, CTO & Innovation Officer at Mastek, said, “We are excited to collaborate with NVIDIA to roll out business solutions in machine parts, intelligent fraud management and intelligent supply chain for Manufacturing, BFSI and Healthcare, icxPro, built on the full-stack NVIDIA accelerated computing platform, simplifies the integration process and eliminates technical complexities, allowing businesses to focus on innovation and driving real business outcomes.”

John Fanelli, vice president of Enterprise Software at NVIDIA, said, “Enterprises across industries face significant challenges in deploying scalable AI solutions that enhance customer experience and streamline operations by integrating NVIDIA NIM and other NVIDIA AI Enterprise software, developers using Mastek icxPro have a powerful, cloud-native solution that accelerates AI deployment and drives real business outcomes."

Mastek is an IT company that offers enterprise digital and cloud transformation services across various sectors, including government and public sector, health and life sciences, retail, and financial services. Their service offerings encompass application development, Oracle suite and cloud migration, digital commerce, application support and maintenance, BI and analytics, assurance and testing, and agile consulting.