Rs 123 crore order book: Penny IT stock under Rs 50; Company bagged order worth Rs 2,90,00,000 from Karnataka Golf Association (KGA)
The stock is up by 58 per cent from its 52-week low of Rs 27 per share.
Canarys Automations Limited has secured a significant contract from the Karnataka Golf Association (KGA) to undertake a comprehensive digital transformation project. The company will be responsible for the development, implementation, and maintenance of a customized ERP solution, aiming to streamline KGA's operations and enhance its overall efficiency. This long-term engagement, valued at Rs 2.9 crore, will span four years, commencing in December 2024 and concluding in December 2029.
Earlier, the company was awarded a 6-year contract by Infosys Limited Noida STP Unit, located at 9th to 12th Floor, Tower-2, Ace Capitol, Plot No 37, 37A, Sector 132, Noida-201304, India (CIN: L85110KA1981PLC013115), to provide software services and licenses for GitHub and GitHub Advanced Security from December 2024 to November 2030. The total contract value is INR 5,53,08,750 (Rupees Five Crore Fifty-Three Lakhs Eight Thousand Seven Hundred and Fifty Only).
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About the Company
CANARYS AUTOMATIONS LIMITED (formerly known as Canarys Automations Private Limited) headquartered in Bengaluru, India, boasts over 30 years of experience as a leading IT solutions provider. With a team of over 350 technology professionals, the company specializes in facilitating digital transformation for businesses through its software solutions in Digitalization, Modernization, Cloudification, Automation, and Intelligence. Their solutions cater to various industry sectors, including BFSI, Retail, Healthcare, Pharmaceutical, Manufacturing and Water Resources Management with a primary focus on enhancing operations, improving customer experience, and staying competitive.
The company has a market cap of Rs 235 crore and as of June 2024, the order book stands at Rs 123 crore. The stock is up by 58 per cent from its 52-week low of Rs 27 per share. Investors should keep an eye on this penny IT stock.
Disclaimer: The article is for informational purposes only and not investment advice.