Shares of LTIMindtree Ltd hit a 52-week high of Rs 5,590 on 20 February after the company announced the launch of Navisource.AI.

In its regulatory filing, the company said that Navisource.AI is a Generative Artificial Intelligence (GenAI) powered autonomous sourcing platform that is aimed at reducing the overall procurement cost by 10-15%.

The filing added, “Navisource.AI will simplify indirect procurement processes, bring predictability, and free up a lot of time spent on manual activities so that procurement functions can focus more on strategic initiatives.”

The information technology major said that with the growing reliability and trust in Artificial Intelligence (AI), they foresee more autonomous AI-driven business processes being brought in the near future.

The company further added that the procurement teams can now use Navisource.AI for market research, recommendations, and pricing intelligence, with cost-effectiveness at its core.

The company posted a weak quarterly report for October-December due to the weak overall environment that may further affect the company’s profitability in the preceding quarter.

Debashis Chatterjee, CEO of LTIMindtree, said, “Against a continued background of the challenging macroeconomic environment and delays in client decision-making, we expect Q4 performance to remain similar to the current quarter.”

At 12:01 pm, the shares of LTIMindtree were trading 0.25% higher at Rs 5,528 on NSE.