Share price of this IT stock moved up by nearly 4.11 percent to Rs. 22.29 in the morning trading session of Thursday, compared to its previous close of Rs. 21.41 on BSE, after the company announced entering into a Joint Venture Agreement.
With a market capitalisation of Rs. 936.42 crores, at 10:57 a.m. the shares of Cressanda Railway Solutions Ltd. were trading in the green at Rs. 22.13, up by 3.36 percent.
In the last one year, the company has delivered negative returns of about 14.56 percent and more than 10.6 percent of returns in the last six months. So far in 2024, it has given negative returns of around 13.5 percent.
According to recent regulatory filings with the BSE, Cressanda Railway Solutions signed a Joint Venture Agreement on Wednesday with Recall, a proprietorship firm based in Kolkata, West Bengal.
The company will be the integrated partner in executing a tender for the provision of trolley retrieval cum advertisement rights given by Netaji Subhash Chandra Bose International (NSCBI) Airport, Kolkata.
Further, the company has already started onboarding various clients to support the advertisement of their products and services on the Airport Trolleys at the New Integrated Terminal Building (NITB), NSCBI Airport.
Each company will own and hold 50% of the profit in the Venture income and is entitled to share in the Venture’s income, gain, loss, deduction, credit, and cash available for distribution under this Agreement.
In the case of a default under this Agreement, the defaulting Party undertakes to indemnify the other Party against any loss or liability that exceeds the percentages set forth in this Agreement, i.e., 50%, or for any liability or loss that is directly caused by the default.
In terms of financials, the company’s revenue from operations grew by nearly 441.48 percent QoQ from Rs. 19.5 crore in Q2 FY23-24 to Rs. 105.59 crore in Q3 FY23-24.
The net profit of the company increased by 11.37 percent QoQ, from Rs. 5.0 crore in Q2 FY23-24 to Rs. 5.68 crore in Q3 FY23-24.
Cressanda Railway Solutions Limiter, formerly known as Cressanda Solutions Limited, is engaged in offering advanced solutions related to conventional and digital media as well as technology-enabled services.
Written by Shivani Singh
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