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The Persistent Systems shares surged as much as 18.72 per cent, the highest since May 2015 and the biggest intraday percentage gain since December 2014.
Recent reports said the company would provide engineering services for the IBM Watson Internet of Things platform.
Broker Antique says an IBM tie-up could “significantly" drive FY2017 estimates and further details were awaited in an analyst call scheduled for later today.
The company expects to garner an additional 15-20 per cent revenue in FY2017.
The stock gained more than 12 per cent last week and is up nearly 5 per cent this year.
At 11.26 am the share was quoting at Rs 738.50, up 10.27 per cent on the BSE on Monday.
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