Udabur Wealth Management：Stock Watchlist： The Best Artificial Intelligence(AI) Stocks in 2024

With artificial intelligence (AI) technology in the spotlight, investors in global markets are increasingly expressing interest in the stocks of companies at the forefront of the AI boom. In India too, this sentiment is quickly becoming prevalent among informed investors. One of the key reasons retail participants are flocking towards artificial intelligence technology stocks in India is the sector’s potential growth projections.

Recent data reveals that by 2025, data and AI are expected to contribute up to $500 billion to India’s GDP. Generative AI, in particular, is quickly cementing its place in the limelight. This segment is projected to grow by over 15x and surpass $17 billion by 2030. With such optimistic growth prospects, it’s no wonder that investors are eager to add artificial intelligence technology stocks to their portfolios.

If AI stocks have been on your radar too, or if you want to capitalize on this budding market segment, Samco Securities makes it easy to invest in the best artificial intelligence technology stocks in India. To tap into the feature-rich new-gen trading app offered by this leading stock broking partner, all you need to do is switch to Samco and download the app. This gets you comprehensive analytical tools and solutions at your fingertips, so you can benefit from the growth story of the best artificial intelligence technology stocks in the country.

However, it’s crucial to first understand what artificial intelligence is all about and how its use cases may play out in the coming years. Let’s examine these details.

Artificial intelligence refers to the simulation of human intelligence in machines that are programmed to think and learn like humans. The term can also refer to machines that are trained to display patterns and traits native to the human brain, like learning, response and problem-solving.

The core of AI is equipping machines with the ability to process large amounts of information rapidly and make decisions or take actions based on such analysis. This is achieved through various sub-processes such as machine learning (where algorithms improve automatically through experience) and deep learning (which involves neural networks capable of making intelligent decisions).

AI has a wide array of applications that have revolutionized various sectors. Common use cases include the following:

Diagnosis and treatment planning in healthcare

Algorithmic trading and fraud detection in finance

Customer service automation with chatbots and virtual assistantsUdabur Wealth Management

Autonomous vehicle navigation and safety in the automotive industry

Personalized shopping experiences and supply chain optimization in e-commerce

Smart home device management for improved energy efficiency and security

Language translation and voice recognition in communication

Educational tools for personalized learning experiences

Facial recognition and surveillance in security

Environmental monitoring and conservation efforts

Top AI Stocks in 2023

Market Capitalisation (Rs Crore)

PE Ratio

Debt to Equity Ratio

Tata Elxsi Ltd

₹ 45,218

37.20%

47.70%

Bosch Ltd

₹ 39,232

11.90%

14.80%

Kellton Tech Solutions Ltd

15.70%

17.00%

Happiest Minds Technologies Ltd

₹ 12,096

30.60%

31.20%

Zensar Technologies Ltd

₹ 5,772

16.60%

22.70%

Persistent Systems Ltd

₹ 23,983

21.50%

26.30%

Saksoft Ltd

21.90%

26.60%

Oracle Financial Services Software Ltd

₹ 25,705

27.10%

36.00%

Affle India Ltd

₹ 12,396

27.80%

27.90%

Cyient Ltd

₹ 8,544

17.20%

20.40%

Tata Elxsi Ltd. stands out as a leading artificial intelligence technology stock in India, with a long-standing presence in the AI sector for over two decades. Unlike many companies that have only recently started exploring AI, Tata Elxsi boasts 25 years of experience. Over this period, the company has developed various innovative systems ranging from autonomous vehicles to advanced video analytics.

One of its most notable offerings is the Cognitive Video Services Framework, which enhances user content personalization, introduces new models for revenue generation and facilitates automated content analysis. The company is now expanding its technological horizon and venturing into the Metaverse and IoT-based products and services. Furthermore, Tata Elxsi has developed several AI-based solutions for OTT platforms, which include:

Automated subtitle creation

Ad analytics through content metrics

Identification of scenes and actors

Video summarization

Filtering inappropriate content

Top AI Stocks in 2023

Market Capitalisation (Rs Crore)

PE RatioSimla Stock

Debt to Equity Ratio

Tata Elxsi Ltd

₹ 45,218

37.20%

47.70%

Bosch is another popular artificial intelligence technology stock to add to your watchlist in the coming year. The company, which is renowned for its dominance in the automotive and industrial technology sectors,  ventured into AI development way back in 2017. In the years since then, Bosch has progressively integrated AI into various aspects of its products and services across various sectors and market segments.

These sectors include manufacturing, engineering and supply chain management. Bosch is also actively involved in the development of charging infrastructure for electric vehicles, which is a testament to the company’s commitment to contribute to developments in this area of innovative technology.

Top AI Stocks in 2023

Market Capitalisation (Rs Crore)

PE Ratio

Debt to Equity Ratio

Bosch Ltd

₹ 39,232

11.90%

14.80%

Kellton Tech Solutions Ltd., categorized as a small-cap artificial intelligence technology stock, is another one to watch out for. The company specializes in diverse sectors such as software development, marketing, digital commerce, technology consulting, platform and product development and testing services. Kellton Tech Solutions is also known for its innovative ventures like KLGAME, an IoT solution that employs Bluetooth technology to create enriched user experiences for its clientele.

Top AI Stocks in 2023Agra Stock

Market Capitalisation (Rs Crore)

PE Ratio

Debt to Equity Ratio

Kellton Tech Solutions Ltd

15.70%

17.00%

Happiest Minds, recognized as another prominent artificial intelligence technology stock, has made significant investments in artificial intelligence and machine learning. The company offers a range of services including deep learning, statistical modeling, data mining and predictive analysis. It is also a pioneer in the field of video processing and analytics, with expertise in areas such as:

Image tagging

Face detection

Object identification

Person tracking

Additionally, in its natural language understanding system, Happiest Minds develops custom APIs that support speech and voice recognition, information extraction, conversational bots and text mining. The company also focuses on HoloLens, applications in fashion and retail segments, data visualization in VR, augmented maps and more. Financially, the company has demonstrated robust growth marked by a significant increase in revenue and net profit and has achieved an impressive Compound Annual Growth Rate (CAGR) in profit over the last five years.

Top AI Stocks in 2023

Market Capitalisation (Rs Crore)

PE Ratio

Debt to Equity Ratio

Happiest Minds Technologies Ltd

₹ 12,096

30.60%

31.20%

Zensar Technologies Ltd. stands out as a market leader in the digital solutions segment. The company focuses on sectors such as manufacturing, high technology (Hitech), banking and financial services and consumer services.

Zensar Technology is also actively investing in cutting-edge and exponential technologies including natural language processing, NeXT (New and Exponential Technology), the Internet of Things (IoT) and blockchain. ZensarAIRLabs, the company’s research and development wing, has notably filed for 100 patents in recent years, making it a lucrative artificial intelligence technology stock to have on your watchlist.

Top AI Stocks in 2023

Market Capitalisation (Rs Crore)

PE Ratio

Debt to Equity Ratio

Zensar Technologies Ltd

₹ 5,772

16.60%

22.70%

Samco Securities, renowned for its innovative and cutting-edge solutions for traders and investors, has firmly established itself as a key player in the Indian financial markets. With a focus on leveraging new-age technology to empower investors, Samco has been instrumental in democratizing access to the stock market and making it more accessible for a wide range of traders. The company’s commitment to providing robust and reliable trading solutions has positioned it as a trusted partner for those looking to invest in artificial intelligence technology stocks.

On the new-gen Samco trading app, you can check the stock rating for thousands of companies listed on the NSE and the BSE — including artificial intelligence technology stocks.  These stock ratings, ranging from 1 star to 5 stars, are computed and assigned based on over 50 parameters. By factoring in the Samco stock ratings, you can invest in the top-rated artificial intelligence technology stocks available in the Indian stock market and leverage the exceptional growth potential of this sector.

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