On Wednesday’s trade, the shares of this IT firm falls 5 percent to an intraday low of ₹439.95 per share, a day after domestic institutional investors sold 1.25 lakh equity shares.
At 12:40 p.m., Onward Technologies Ltd. shares were trading at ₹445.80 a share, a 4 percent decrease over the previous close price on the National Stock Exchange. The company has a market capitalization of ₹1,010 crore on the stock exchange. In the last 12 months, Onward Technologies shares have gained 62 percent.
On March 12, the domestic institutional investor White Oak India Equity Fund IV sold 1,25,248 equity shares in the company at an average price of ₹ 463.81 per share. As per NSE Deals data,.
The company’s revenue has declined by 1.7 percent, from ₹116 crore in Q3 FY23 to ₹114 crore in Q3 FY24. Conversely, the net profit has seen a 176 percent increase, rising from ₹2.46 crore to ₹6.79 crore.
Onward Technologies Ltd. is a technology company focusing on engineering research & development (ER&D), digital transformation, and IT consulting services (ITS). The company has clients across India, the USA, the UK & Europe.
The company’s top 25 clients account for 85% of its overall revenues. Geographically, 49% of the revenue comes from India, 37% from the USA, and 14% from Europe.
In terms of business segments, 57% of the revenue is generated from engineering research & development (ER&D), 41% from digital technology services, and 2% from IT services.
Analyzing the recent shareholding pattern, the company’s promoter possesses a 38.15% stake, foreign institutional investors hold a 2.14% stake, and domestic institutional investors hold a 6.15% stake.
Written by Omkar Chitnis
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