1,000 per cent returns: Multibagger penny stock under Rs 50 hit 20 per cent upper circuit as the company forms strategic partnership with InsureMO!

The stock gave multibagger returns of 370 per cent in 2 years and a whopping 1,000 per cent in the span of 3 years.

On August 05, 2023, one of the Top Gainers on BSE, shares of 3i Infotech Ltd jumped 20 per cent upper circuit to Rs 40.02 per share from its previous closing of Rs 33.35. The stock has a 52-week high of Rs 54.20 and a 52-week low of Rs 25.93. The shares of the company saw a spurt in volume by more than

3i Infotech Limited (BSE: 532628, NSE: 3IINFOLTD), an eminent global Information Technology company devoted to propelling business transformation, announces its partnership with InsureMO, a world-leading Insurance Middleware Platform. InsureMO collaborates with various sectors, driving monumental changes specifically designed for the insurance industry.

This Partnership will help 3i Infotech to expand its services offering with implementation capabilities for the InsureMO platform which modernizes & transforms the insurance providers’ offerings without changing their core solutions. The InsureMO platform serves as a digital insurance middle office platform for a plethora of entities including insurers, brokers, agents, channels, insurtechs and startups.

This positions them to enable use cases for any product and channel, granting insurance carriers the capability to not only modernise their systems but to also strategize better in terms of distribution. 3i Infotech has long been a dominant player in the IT domain, catering to a broad spectrum of clients.

This partnership will enhance and accelerate the transformative journey, synergizing the competencies of both companies. By doing so, the customers will witness reductions in underwriting operational costs, quicker insurance product rollouts, and a streamlined DevOps cycle for the creation of microservices and web applications.

3i Infotech is a Global Information Technology Company as a back-office processing company by ICICI Ltd. The company's business activities are divided into two categories viz: IT solutions and transactions. The company has a presence in more than 50 countries.

The company has a market cap of Rs 674.88 crore. According to the annual results (FY23), the net sales increased by 8 per cent to Rs 729 crore in FY23 over FY22. The company reported a net profit of Rs 1 crore in FY23 compared to a net loss of Rs 57 crore in FY22.

The stock gave multibagger returns of 370 per cent in 2 years and a whopping 1,000 per cent in the span of 3 years. Investors should keep an eye on this multibagger Small-Cap stock.