Penny stock under Rs 2 hit upper circuit as company bags Rs 10,00,00,000 order from MSK Technologies (India) Pvt Ltd
The stock is up by 88 per cent from its 52-week low of Re 0.84 per share.
GACM Technologies Ltd has successfully secured a major project valued at Rs 10,00,00,000 from MSK Technologies (India) Private Limited. This strategic win marks a significant milestone for GACM, reinforcing its position as a leading provider of IT solutions. The project scope entails resource augmentation and consulting services, leveraging GACM's expertise in IT solutions and technology services. The services will be executed both onsite at MSK Technologies' premises and offshore at GACM's development offices. The project is expected to generate a substantial gross profit margin of approximately 55 per cent to 60 per cent, estimated between Rs 5,50,00,000 to Rs 6,00,00,000. This project will not only contribute significantly to GACM's revenue and profitability in the current financial year but also solidify its market position as a trusted IT solutions provider.
Furthermore, GACM has agreed with MSK Technologies (India) Pvt Ltd. to provide IT services, including resource augmentation and consulting. It's important to note that there is no shareholding between GACM and MSK Technologies. This project underscores GACM's commitment to driving growth and value creation for its stakeholders and demonstrates its ability to deliver complex IT solutions effectively.
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On Monday, shares of GACM Technologies Ltd were locked in a 5 per cent upper circuit to Rs 1.58 per share from its previous closing of Rs 1.51 per share with a spurt in volume by more than 7.56 times on BSE. The company has a market cap of over Rs 100 crore and working capital requirements have reduced from 190 days to 25.8 days. The stock is up by 88 per cent from its 52-week low of Re 0.84 per share.
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.
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