Multibagger Stock Anant Raj Soars 12% After Signing MoU with Google

Anant Raj share price jumped over 12% on Monday after its subsidiary signed a Memorandum of Understanding (MoU) with tech giant Google LLC. This agreement involves Anant Raj delivering data center infrastructure, managed services, and cloud platforms for various public and private businesses. They will also provide advanced technology solutions for potential clients.

The companies will work together to create AI-driven solutions for data infrastructure, productivity, and security. Anant Raj Cloud Pvt Ltd is developing data centers with a 300 MW IT load in Manesar, Rai, and Panchkula, with the first phase in Manesar already complete.

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Anant Raj shares opened at ₹511.90 on the BSE, reached an intraday high of ₹540, and a low of ₹496.30. Over the past year, the stock has soared 173.1%, outperforming its sector by 50.28%.

Rajesh Bhosale, an analyst at Angel One, noted that Anant Raj shares showed strong volume-based traction, indicating a resumption of their primary uptrend after last week’s correction. He identified strong support around ₹500 and resistance between ₹560-₹580.

India, the world’s second-fastest-growing digital economy, is seeing significant growth in the data center sector, with cloud spending expected to grow at a CAGR of 30%. In its Q4FY24 earnings conference, Anant Raj announced a new deal with TCIL to provide cloud services and reported its highest-ever revenue of ₹1,521 crores and a PAT of ₹265 crores.