The shares of this small-cap company have fallen 4 percent after Standard Chartered Bank likely to offload 3.09 percent in the company via the bulk deal.
With a market capitalization of Rs 7,485.93 crore, the shares of Protean eGov Technologies Ltd were trading at Rs 1,850.00 per share, decreasing around 1 percent as compared to the previous closing price of Rs 1,867.60 apiece.
Reason for Fall:-
As of June 2024, Standard Chartered Bank holds 12,50,000 equity shares equivalent to 3.09 percent of Protean eGov Technologies Ltd, however, Standard Chartered Bank is likely to offload 3.09 percent in the company via the bulk deal. As per the CNBC report, the sale of shares is expected to take place on August 8, the average price is expected to range between Rs 1,750 and Rs 1,775 per share. the total offer size is expected to reach Rs 221.9 crore at the upper end of the price range.
Financial Performance:-
Looking forward to the company’s financial performance, revenue plummeted by 10 percent from Rs 220 crore in Q4FY23 to Rs 197 crore in Q4FY24, during the same period, net profit also plummeted 34 percent from Rs 32 crore to Rs 21 crore.
Remarkable Return:-
The shares have given a return of 28.57 percent in six months and a multi-bagger return of 109.90 percent in a year, year. If an individual invested Rs 1 lakh one year ago, it would now be Rs 2.09 lakh.
Market Presence:-
Protean eGov Technologies Ltd has a strong market presence and is well-known for making important contributions to PAN service providing in India, with a sizable market share in PAN assignment services. Protean eGov Technologies Ltd shares have gained by 6% in the last six months and 31% in the last year.
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Company Profile:-
Protean eGov Technologies Limited provides IT services. The Company offers citizen services, e-governance solutions, system integration, business process re-engineering, data center co-location, and IT consulting services for citizens, corporations, and the Government.
Written by:- Abhishek Singh
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