New Delhi, Jan. 1 -- Avance Technologies share price hit the 5% upper circuit in Thursday's trading session after the company acquired a 100% stake in a Hyderabad-based AI firm, foraying into the rapidly expanding global artificial intelligence market, which is estimated to reach $2.4 trillion by 2032.

The penny stock opened at Rs.1.90 apiece on Thursday, as compared to its closing price of Rs.1.91 on Wednesday. During the day, the stock rose to the day's high of Rs.2, also its 5% upper price band.

In an exchange filing, Avance Technologies said that it has signed a non-binding term sheet to acquire up to 100% equity stake in Pushpak AI, a Hyderabad-based Computer Vision and Edge AI platform.

The proposed acquisition signals Avance Tec...