Penny stock under Rs 2 in focus as company bags Rs 10 crore order & promoters intend to increase their stake in the company by participation in preferential allotment
The stock gave multibagger returns of over 100 per cent from its 52-week low of Re 0.84 per share.
On Wednesday, shares of GACM Technologies Ltd were locked in a 5 per cent upper circuit to Rs 1.73 per share from its previous closing of Rs 1.65 per share with a spurt in volume by more than 1.01 times on BSE. The company has a market cap of over Rs 110 crore and working capital requirements have reduced from 190 days to 25.8 days. The stock gave multibagger returns of over 100 per cent from its 52-week low of Re 0.84 per share.
GACM Technologies Ltd. has achieved a significant milestone by securing a substantial Rs 10 crore project from MSK Technologies (India) Private Limited. This strategic win reinforces GACM's position as a leading IT solutions provider, as it will involve resource augmentation and consulting services leveraging GACM's expertise. The project will be executed both onsite and offshore and is expected to generate a significant gross profit margin of approximately 55-60 per cent. This not only contributes to GACM's revenue and profitability in the current financial year but also solidifies its market position. Notably, there is no shareholding between GACM and MSK Technologies, highlighting GACM's commitment to driving growth and value creation for its stakeholders through its ability to deliver complex IT solutions effectively.
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The Board of Directors of GACM Technologies Limited will convene on Friday, September 6, 2024, to discuss matters including the draft Notice for the 29th Annual General Meeting and a proposed preferential allotment of convertible Equity shares warrants. The promoters and promoter group intend to increase their stake in the company through this allotment, demonstrating their confidence in GACM’s growth prospects and commitment to enhancing shareholder value. This strategic move aligns the promoters’ interests with those of investors, reinforcing our dedication to sustainable growth and financial performance.
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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