A multibagger IT stock hit a 5 percent upper circuit after securing an order from the government of Maharashtra. It has delivered multibagger returns of 185 percent in six months and 352 percent in one year.
Ceinsys Tech Ltd., with a market capitalization of Rs 961.84 crore, hit a 5 percent upper circuit. It started the trading session at a higher note of Rs 623.20 per share, previously closed at Rs 593.65 per share, and reached a 52-week high of Rs 623.30 per share.
Ceinsys Tech Ltd. received an order worth around Rs 60 crore from the State Water and Sanitation Mission (SWSM) and the Water Supply and Sanitation Department (WSSD), Maharashtra Government.
The project is involved in the implementation of digital project management systems (DPMS) to monitor schemes such as Maharashtra Jeevan Pradhikaran (MJP) and Maharashtra under the Jal Jeevan Mission.
The duration of the project is 30 months, 6 months for digital project management systems (DPMS), and 2 years for the resource deployment and maintenance of digital project management systems (DPMS).
On a yearly basis, business parameters such as revenue from operations increased by 21 percent, from Rs 52 crore in Q3 FY23 to Rs 63 crore in Q3 FY24. Similarly, net profits increased by 233 percent from Rs 3 crore to Rs 10 crore during the same period.
Sequentially, on a quarterly basis, the revenue from operations increased by 9 percent, from Rs 58 crore in Q2 FY24 to Rs 63 crore in Q3 FY24. Similarly, net profits also increased by 100 percent from Rs 5 crore to Rs 10 crore during the same period.
Ceinsys Tech Ltd. operates in three segments, viz., enterprise geospatial and enterprise services (EES), software products, and power generation. It also has a global presence, with 12 offices across three continents.
The promoter of the company holds 58.61 percent of the stake, followed by 41.19 percent by the public and the remaining 0.19 percent by foreign institutional investors.
Ceinsys Tech Ltd. is an indian based company founded in 1998, specialising in geospatial engineering, mobility, and enterprise solution providers. The company is also engaged in the sale of software and electricity. It is a part of the large conglomerate Megha Group and listed on the BSE.
Written By Praveen R
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