Generative AI-enabled innovations that provide value throughout the whole product development value chain, including product engineering, production, and customer experience, will be the main emphasis of Tata Tech's hackathon in 2024.
Shares of Tata Tech have fallen more than 13 percent so far this year, behind the benchmark Nifty 50 index's 8 percent increase.
When Tata Technologies announced the second edition of the InnoVent hackathon in partnership with Microsoft and Tata Motors on June 19, its shares shot up to Rs 1,044 a share, or 1%, higher.
Tata Tech's shares have fallen more than 13 percent so far this year, behind the benchmark Nifty 50 index's 8 percent increase.
Generative AI-enabled ideas that provide value throughout the whole product development value chain—including product engineering, production, and customer experience—will be the main emphasis of Tata Tech's hackathon in 2024.
"This collaborative initiative aims to engage pupils studying engineering across India, providing them with a platform for demonstrating their creativity and innovations that address the hurdles faced by the manufacturing industry," the business said.
The goal of this hackathon, which is available to third- and fourth-year engineering students, according to Tata Tech, is to provide elite project teams with the tools they need to create scalable solutions. Microsoft, on the other side, will make a contribution by providing mentoring via its Azure community and allowing access to Azure resources.
"Through our collaboration with Microsoft as well as Tata Motors, we aim to provide young innovators with a platform where they can create novel solutions leveraging Generative AI and help them translate their innovative concepts to life," Warren Harris, MD and CEO of Tata Tech, stated.
Tata Tech reported a 27.3 percent YoY fall in overall net profit at Rs 157 crore for the quarter that ended in March. Additionally, the company's operating revenue decreased by 7.2 percent year over year to Rs 1,301 crore.
A 'buy' recommendation was previously established by ICICI Securities analysts for Tata Tech, with a target price of Rs 1,330 per share. In FY25E/FY26E, the brokerage business projected revenue growth of 13–18% and EPS growth of 16–23%, with a return on equity of 23–25%.
"Tata Tech is a strategic vendor to 12 new energy start-ups whom score high on cutting-edge digital engineering quotient; thus, raising the its services portfolio is going to be beneficial for Tata Tech," ICICI Securities said.
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