Penny stock under Rs 50: This IT-company bags new order worth approx. Rs 6 crore from Bharat Sanchar Nigam Limited (BSNL); details inside!

The stock’s 52-week high is Rs 134.50 and its 52-week low is Rs 37.10.

Globesecure Technologies Ltd (NSE Scrip Code: GSTL), a domestic cyber security company listed on the NSE SME platform, has been awarded a work order by Bharat Sanchar Nigam Limited (BSNL) to install last-mile FTTH connections in service-ready villages (GPs) under the BharatNet Phase II project in Maharashtra. This project is part of a larger agreement signed on November 23, 2023, where Globesecure was empanelled as a MahaIT BU Partner for all of Maharashtra. The specific work order received on June 7, 2024, pertains to 592 GPs and is expected to be completed within 1-3 years, based on the broader agreement details filed with the NSE. The total order was for 7,900 GPs worth Rs 80 out of which the above order is worth approximately Rs 6 crore [(Rs 80 crore / 7,900 GPs) * 592 GPs = approx. Rs 6 crore).

Globesecure Technologies Limited is in the business of IT Security products and related services. GSTL is a digital transformation company with a focus on cyber security. The company has executed cybersecurity transformation projects, infrastructure, and digital transformation projects for various institutions and also provided similar independent services.

Also Read: Promoter bought 41,21,05,050 shares of this multibagger penny stock under Rs 15; Board announces 5:1 stock split! 

On Friday, shares of Globesecure Technologies gained 9.46 per cent to Rs 42.80 per share from its previous closing of Rs 39.10. The stock’s 52-week high is Rs 134.50 and its 52-week low is Rs 37.10.

Talking about the financials, GSTL has a market cap of Rs 39 crore. The company reported positive numbers in its half-yearly results (H2FY24) and annual results (FY24). In H2FY24, the company reported net sales of Rs 13.83 crore and net profit of Rs 0.80 crore compared to net sales of Rs 20.29 crore and net profit of Rs 1.26 in H2FY23. In FY24, the company reported net sales of Rs 23.89 crore and net profit of Rs 1.01 crore compared to net sales of Rs 25.83 crore and net profit of Rs 1.66 in FY23.  

Disclaimer: The article is for informational purposes only and not investment advice.