Penny Stock Alert: Scanpoint Geomatics Shares Soar 3.64% To ₹9.95, Rising Nearly 12% This Week

Scanpoint Geomatics shares continued to rise on Friday, with the stock increasing by 3.64% to ₹9.95 each on the BSE. This marks the fifth straight day of gains, with the share price rising by nearly 12% in one week.

Scanpoint Geomatics is a small-cap company listed on the BSE, providing IT services and software solutions. The recent surge in its share price comes after the company announced it was shortlisted for a major project with the Indian armed forces.

The company shared the news in a filing on September 30, stating it has been selected for a project under the ‘MAKE – II’ and IDDM (Indian Design Development and Manufacturing) initiatives, which aim to boost local design, development, and manufacturing for the armed forces.

Additionally, Scanpoint Geomatics reported impressive financial results for the first quarter of FY25. The company’s revenue increased by 416.83%, reaching ₹17.75 crore compared to ₹3.43 crore in the same period last year. Net profit also more than doubled, rising 104.48% to ₹0.47 crore from ₹0.23 crore a year ago.

The company’s stock has gained over 14% in the past month and more than 94% since the beginning of the year. Over the past year, the share price has increased by more than 50%. On August 13, 2024, it reached a 52-week high of ₹11.24, while its lowest point in the past year was ₹3.76, recorded on March 6, 2024.

As of 11:30 am, Scanpoint Geomatics shares were trading 3.65% higher at ₹9.95 on the BSE.