Dynacons Systems & Solutions has won a contract from the Union Bank of India for creating and implementing private cloud solutions for the bank. The project is worth Rs 116 crore and will last for a period of 5 years.
The bank has placed an order for the supply, installation, configuration, implementation, and maintenance of Hyper-Converged Infrastructure and Software Solutions for the Bank’s On-Premises Private Cloud.
The private cloud solution and associated software would be deployed at the bank’s primary site in Mumbai and its disaster recovery site in Bengaluru.
Dynacons Systems & Solutions Ltd. is an IT company engaged in activities related to infrastructure design and consulting services, turnkey systems integration of large Network and Data Centre infrastructures including supply of associated equipment and software, and onsite and remote facilities management of multi-location infrastructure of clients.
The shares of the IT company were up 4 per cent and were trading at Rs 382 levels till the afternoon on Wednesday. In the span of a month, the stock has gained 26 per cent. On a Year to Date (YTD) basis, the stock has delivered a multibagger return of 144 per cent.
Union Bank of India is one of the country’s largest government banks, with over 9400 branches and 125 regional offices spread across the country. The private cloud solution will aid in the standardization and automation of its processes.
The shares of the bank were trading marginally lower at Rs 87 levels till the afternoon of the day. However, in the span of a month the stock has gained 50 per cent, and in the last six months, it has delivered a multibagger return of 126 per cent.
Written by Anoushka Roy
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