FinTech stock rockets over 9 per cent as the company bags Rs 58,00,00,000 order from Indian Oil Corporation Limited (IOCL)

The shares of the company saw a spurt in volume by more than 2.20 times on BSE and up by 92 per cent from its 52-week low of Rs 57.90 per share.

AGS Transact Technologies Limited (BSE: 543451 & NSE: AGSTRA), one of the leading providers of integrated omni-channel payment solutions in India, in terms of providing digital and cash-based solutions to banks and corporate clients, today announced that it has implemented and commenced managing the Prepaid Card Platform for ‘XtraPower’, the fuel and fleet management program of Indian Oil Corporation Limited (IOCL), India's largest public sector enterprise. AGS Transact will receive a fixed fee for these services, generating an estimated revenue of approximately Rs 58 crore over five years.

AGS Transact Technologies offers niche digital solutions to leading Banks, Corporates and OMCs in India. Its state-of-the-art transaction-switching software processed 625 million switching transactions in FY24. Additionally, the company’s digital payments business offers merchant acquiring and issuance services across various sectors.

About the Company

Established in 2002, AGS Transact Technologies Limited (BSE: 543451 | NSE: AGSTRA), is a leading provider of omnichannel payment solutions in India. Offering a comprehensive range of digital and cash-based solutions, AGS Transact caters to both banks and corporate clients. Their product portfolio includes ATM and CRM outsourcing, cash management, merchant solutions, transaction processing, and mobile wallets. Operating across three main business segments – Payment Solutions, Banking Automation Solutions, and Other Automation Solutions – AGS Transact has established a strong presence in various industries, including banking, retail, petroleum, toll and transit, cash management, and fintech. With a vast network of 2,48,834 payment terminals as of June 30, 2024, and a significant share in petroleum retail outlet deployments, AGS Transact continues to be a dominant player in the Indian payment landscape.

Share Performance

On Friday, shares of AGS Transact Technologies Ltd gained 9.71 per cent to an intraday high of Rs 113.50 per share from its previous closing of Rs 103.45 per share. The stock’s 52-week high is Rs 126.70 and its 52-week low is Rs 57.90 on BSE. The shares of the company saw a spurt in volume by more than 2.20 times on BSE and up by 92 per cent from its 52-week low of Rs 57.90 per share.

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

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