The shares of the staffing and recruitment firm locked around 5 percent upper circuit on Thursday’s early trade after the company entered into an agreement with a subsidiary of HDFC Bank, HDB Financial Services Limited to provide recruitment services.
On Thursday’s early trade, ITCONS E-Solutions Ltd shares touched around 5 percent upper circuit of Rs 51.87 apiece on the Bombay Stock Exchange, and the company has a market capitalization of Rs 26 crores.
According to the exchange filing, the company has entered into an agreement with HDB Financial Services Limited, a leading Non-Banking Financial Company (NBFC) for recruitment services, Over the course of a year.
HDB Financial Services (HDBFS), incorporated in 2007, is recognized with CARE AAA and CRISIL AAA ratings for its long-term debt and bank facilities, as well as an A1+ rating for its short-term debt and commercial papers.
ITCONS E-Solutions Limited is engaged in the business of providing human resource services to public and private organizations.
The company shares have delivered a return of 50 percent in six months and 6 percent in a year.
The operational income of ITCONS E-Solutions Ltd has risen by 55 percent year on year, from Rs 18 crore in Q1FY22 to Rs 28 crore in Q1FY23. During the same time period, the net has marginally increased from Rs 1.19 crore to Rs 1.73 crore.
According to the latest shareholding pattern, the company promoters hold 59.36 percent stake, while retail investors possess 40.64 percent.
A penny stock is a company with a low market capitalization and a low trading price. This stock also falls into the penny stock category. So Individual investors must conduct extensive research before investing since high-return penny stocks have volatile performance, are rarely traded, and a small number of trades may result in a circuit limit.
Written by Omkar Chitnis
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