Shares of this health-tech company clocked 5 percent upper circuit in Friday’s trading session after launching Anti- Stress Wearable product.
With a market capitalization of Rs. 62.2 crores, the shares of Globalspace Technologies Ltd started Friday’s trading session on a higher note at Rs. 17.69 compared to its previous close of Rs. 17.23. During the trading session, the shares clocked 5 percent upper circuit at Rs. 17.23 apiece.
Such a bullish movement in the share price was observed after the company launched the Stress Wearable product under the name ‘GoRoga’. The product is manufactured and patented in the USA, the complete software is been developed in India as part of the “Make in India” initiative by the company.
Furthermore, the device is priced at Rs. 22,500, leverages FDA-approved neuroscience-researched non-invasive brain stimulation (NIBS) technology and promises to be an anti-stress companion for individuals dealing with mild to severe stress and anxiety.
The product is designed to activate cortisol by connecting to a phone and utilizing sticky pads on the ears, delivering tailored stimulations scientifically calibrated to address stress levels.
Moreover, the company mentioned that the device aims to reduce anxiety-related beta waves while promoting calming alpha waves and relaxation-inducing theta waves. The recommended usage is 20 minutes per day, up to a maximum of 60 minutes daily for 3 to 4 weeks.
Coming onto the company’s financial statement, the revenue decreased by 25 percent from Rs. 9.50 crores during Q1 FY24 to Rs. 7.04 crores in Q2 FY24. In addition, the net profits declined by 29 percent from Rs. 21 lakhs to 15 lakhs during the same timeframe.
The company has provided its services to companies like Polycab, Maruti, Lavazza, Bajaj, Novartis, Cipla, Axis Bank and many more.
Headquartered in Mumbai, Globalspace Technologies was in 2010. It is a HealthTech and EduTech Digital platform company. The Company focuses on software product platforms and solutions based on new age Technology stack viz., Cloud or Artificial Intelligence.
Written By Vaibhav Patil
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