Hyderabad-based Blue Cloud Softech Solutions (BCSSL) is exploring business opportunities in the field of Artificial Intelligence with SpaceX International.

It is evaluating preliminary, non-binding business opportunities, in the field of AI technology, and the parties have established only a framework for exchange of information to facilitate discussions and an evaluation of potential areas of collaboration, Blue Cloud said in a filing.

The announcement, however, put the relatively less known Blue Cloud Softech in the spotlight with the shares gaining more than 10% within minutes of trading on Monday on the BSE.

The growing demand for AI applications and digital technology presents significant opportunities. The proposed discussions are intended to assess feasibility and potential scope of any future collaboration. The decision to explore business opportunities with SpaceX reflects the company’s continued focus on exploring strategic opportunities in the digital infrastructure and technology ecosystem, the company said.

The preliminary discussions are solely for the purpose of evaluating potential business opportunities and do not create any binding obligation on either party to enter into any transaction, joint venture, investment, partnership or definitive agreement. Any future transaction will be subject to due diligence, mutual agreement, execution of definitive documentation, corporate approvals and applicable regulatory requirements, Blue Cloud said.

The company shares were trading nearly 13% higher at ₹20.40 apiece around 9.45 a.m.