Penny Stock Under Rs 35 Hits 5 Per Cent Upper Circuit After Acquiring 51 Per Cent Stake In US-Based AI Firm Fortira Inc To Boost North American Market Expansion
Canarys Automations Limited is witnessing strong buying momentum in today’s session, with the stock locked in the 5 per cent upper circuit at Rs 33.65. The move comes after the company announced the successful completion of a strategic acquisition, a development that has triggered positive sentiment among investors. The stock opened on a firm note and quickly hit the upper circuit limit of Rs 33.65, gaining Rs 1.60 over the previous close of Rs 32.05.
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Canarys Automations Limited has announced the completion of an acquisition. The company has acquired a 51 per cent stake in M/s. Fortira Inc. USA. Fortira Inc., the target company, is based in the USA and specialises in AI, ML, and Data-driven technologies. It was founded by Ananth Iyengar, Nanda Kanuri, Michael Zalepa, and Ramakrishna Kambhampati. Fortira has over 15 years of experience and serves large enterprise clients in the BFSI, Healthcare, and Pharma sectors. The acquisition is valued at USD 5.0 million. The acquisition will allow Canarys Automations to accelerate its growth in the North America region. The acquisition has been funded through a combination of IPO proceeds, promoter subscription to warrants, and internal accruals.
Incorporated in 1991, Canarys Automations Ltd is in the business of software & hardware development, consultancy services, electronic equipment, and handling water management system turnkey projects. CAL is an IT solutions & consulting company specialised in providing Technology Solutions and Water Resource management Solutions to clients across the world. It has handled 120 projects as of FY24 in 10 countries.
The stock price has risen 35.14 per cent in the last 3 weeks. The current price of the stock is Rs 33.9, and the company has a market capitalisation of Rs 184 crore.
Investors should keep an eye on this penny stock.
Disclaimer: The article is for informational purposes only and not investment advice.