Micro-Cap Stock which is a global IoT design house specializing in wireless technologies jumped upto 4 percent in the day’s trade upon receiving a letter of intent worth Rs. 23.80 Crores for the supply of fintech sound boxes.
With a market capitalization of Rs. 303 Crores, the shares of CWD Limited were trading at Rs. 840, down 6.67 percent from its previous day’s close price of Rs. 900.
CWD Limited has received a Letter of Intent worth Rs. 23.80 Crores from a Financial Services Company for the supply of Sound Boxes resulting in a revenue surge exceeding 20 crores.
The LOI follows the company’s previous announcement of a 25 crore order for the Sound Box product line’s design, development, and manufacturing services.
Following the receiving of the LOI Siddhartha Xavier, CSO and Joint MD of CWD Limited said that “Providing quality Made in India products and services targeted towards the upliftment of our people and economy was one of the reasons we entered the fintech sector with our Sound Box product and software solutions.
The forging of this relationship further reaffirms the industry’s sentiment about CWD as an important player in this ecosystem.”
CWD Limited is a global IoT design house specializing in wireless technologies, engaged in designing, developing, manufacturing, and supplying integrated solutions related to software and electronic devices.
Its revenue from operations grew by 51 percent from Rs. 15.02 Crores in FY22 to Rs. 22.72 Crores in FY23, accompanied by profits of Rs. 3.10 Crores to Rs. 2.15 Crores.
Written by: Bharath K.S
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