Penny stock under Rs 2 hits lower circuit: Company signs MoU with Rs 500 lakh with Waterwalk Automation Pvt Ltd & promoters to increase stake up to 13 per cent
The stock is up by 51.20 per cent from its 52-week low of Re 0.84 per share.
On Thursday, shares of GACM Technologies Ltd were locked in a 2 per cent lower circuit to Rs 1.27 per share from its previous closing of Rs 1.33 per share. The company has a market cap of Rs 86.43 crore and working capital requirements have reduced from 190 days to 25.8 days. The stock is up by 51.20 per cent from its 52-week low of Re 0.84 per share.
GACM Technologies Limited has entered a Memorandum of Understanding (MOU) with WATERWALK AUTOMATION PRIVATE LIMITED, a company based in Vasai, Maharashtra, India. The MOU aims to foster growth-oriented revenue generation through a strategic partnership. The parties intend to lay the groundwork for future binding agreements related to software development. The contract value is Rs 500 lakh and the agreement will remain effective until March 31, 2026. There is no existing shareholding between the two entities.
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Earlier, GACM Technologies announced that its promoters intend to increase their stake in the company to up to 13% 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.