Penny stock at Re 0.95 hits lower circuit as company signs MoU with Rs 150 million with Tesync Technology Pvt Ltd & promoters to increase stake by 13 per cent
The stock is up by 13 per cent from its 52-week low of Re 0.84 per share.
On Friday, shares of GACM Technologies Ltd were locked in a 5 per cent lower circuit to Re 0.95 per share from its previous closing of Re 1 per share. The company has a market cap of Rs 64.65 crore and working capital requirements have reduced from 190 days to 25.8 days. The stock is up by 13 per cent from its 52-week low of Re 0.84 per share. The shares of the company saw a spurt in volume by more than 3.66 times on BSE.
GACM Technologies Limited has entered into a strategic partnership with Tesync Technology Private Limited through a Memorandum of Understanding (MoU). This collaboration, valued at Rs 150 million, aims to jointly develop innovative IT and ITES services, as well as SMS/Voice/Data application solutions and gateway services. By combining their expertise, GACM Technologies and Tesync Technology seek to create high-value software solutions that enhance their respective service portfolios and drive mutual growth.
The MoU between GACM Technologies and Tesync Technology is a significant milestone in the company's growth strategy. It not only opens new avenues for revenue generation but also reinforces GACM Technologies' commitment to delivering high-impact technology solutions. The partnership is expected to strengthen the company's position in the IT sector and enable it to better meet the evolving demands of the industry.
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Earlier, GACM Technologies announced that its promoters intend to increase their stake in the company to up to 13 per cent within the year. The company has secured a Rs 10 crore project from MSK Technologies, which will involve resource augmentation and consulting services. The project is expected to generate a significant gross profit margin of approximately 55-60 per cent and contribute to GACM's revenue and profitability.
GACM Technologies Ltd, established in 1995, offers financial consultancy and technology solutions. The company's recent expansion into the IT sector includes software development, web applications, IT services, hardware maintenance, outsourcing, training and consultancy in various fields. Additionally, GACM has ventured into broadcasting and cable services, diversifying its operations to cater to a wider range of industries.
Disclaimer: The article is for informational purposes only and not investment advice.