Shares of this IT company clocked 10 percent upper circuit after it received an order for providing last mile FTTH connections by Bharat Sanchar Nigam Limited (BSNL).
With a market capitalisation of Rs. 72 crores, the shares of Globesecure Technologies Ltd started Tuesday’s trading session on a flatter note at Rs. 72.15. During the trading session, the shares hit a 10 percent upper circuit at Rs. 79.35 apiece.
Such a bullish movement was observed after the company in an exchange filing announced that they had received a work order from Bharat Sanchar Nigam Limited (BSNL) for providing FTTH in BharatNet Phase II GPs in Maharashtra State. The orders are to be executed within 3 years.
The total work order as per the agreement signed on November 23, 2023, is for 7,900 GPs which is worth Rs. 80 Crores approx. out of which a work order for 576 GPs has been received by the company.
Coming onto the financials of the company, the revenue decreased marginally by 2 percent from Rs. 26.37 crores in FY22 to Rs. 25.83 crores during FY23. On a contrasting note, the net profit increased from Rs. 1 crore to Rs. 1.67 crore during the same timeframe.
The company is planning to develop integration software for automation, orchestration, and AI-based products to cater to the health sector and quant financial sector where there is a scope for data analytics and machine learning.
Headquartered in Mumbai, Globesecure Technologies Ltd was incorporated in 2016. The company is engaged in the business of IT Security products and related services.
Written By Vaibhav Patil
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