GACM Technologies’ share price was locked at the 5% upper circuit limit today after the company announced it secured a ₹10 crore project. The penny stock was trading up 4.43% at ₹1.65 per share on the BSE.
The company received a ₹10 crore order from MSK Technologies (India) Pvt Ltd for IT consulting and resource augmentation. The project is expected to generate a gross profit of around 55% to 60% of the total order value, which means a profit of ₹5.50 crore to ₹6 crore.
GACM Technologies will carry out the project both onsite at the client’s location and offshore at its own offices. This project is a significant addition to GACM’s portfolio and is expected to boost the company’s revenue and profits this financial year.
Stock Performance
GACM Technologies’ stock has been on the rise, gaining over 22% in the past week and nearly 29% in the past month. In the last three months, the stock has jumped more than 83%, and year-to-date gains are at 14.5%. Over the past year, the stock has delivered a return of more than 126% and over 205% in the past three years.
Recently, GACM Technologies completed a rights issue, which opened on July 31 and closed on August 14. The company allotted new shares at ₹1 per share, raising ₹34.03 crore. At 11:50 am today, GACM Technologies shares were still trading at the upper circuit limit of ₹1.65 on the BSE.
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