Penny Stock engaged in financial consultancy and fintech services surged 4 percent after the company signed a Memorandum of Understanding (MOU) with Whizzy Logistic Technologies Pvt Ltd for planning and development of software.
Share Price Variation
In Friday’s trading session, the share price of GACM Technologies Ltd reached an intra-day high of Rs.1.2 per share from its previous close of Rs.1.18 apiece, gaining around 2 percent in the session.
What is the news
GACM Technologies Limited signed a Memorandum of Understanding (MOU) with Whizzy Logistic Technologies Private Limited on 8th August 2024. The agreement aims at growth-oriented revenue generation through collaboration and coordinated efforts between the two companies. GACM is optimistic about the opportunities arising from this partnership and is committed to achieving shared goals.
The MOU focuses on working together to contribute to the planning and development of software, with the agreement being valid for one year initially.
Whizzy Logistics Technologies is involved in supporting auxiliary transport activities and activities of travel agencies.
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Financials
Turning to the financials of GACM Technologies, in the quarter that ended June 2024, the company reported a decline in revenue from the operation but reported an increase in net profits due to a decrease in the operating expenses of the company.
For the quarter ended Q1FY25, the company reported revenue of Rs.1.57 crore, 13.25 percent down from Rs.1.81 crore in Q1FY24 and 26.3 percent down from Rs.2.13 crore in the previous quarter Q4 FY24.
In terms of Profit After Tax (PAT), GACM Technologies Limited reported a 52 percent year-over-year increase, reaching Rs.0.35 crores in Q1 FY25, up from Rs.0.23 crores in the June 2024 quarter and increased 9.4 percent from Rs.0.32 crores in Q4 FY24.
GACM Technologies also has a rights issue open from July 31, 2024, to August 14, 2024, offering shares at Re.1 each, further indicating its focus on capital generation and growth.
Shareholding composition
The shareholding pattern of GACM Technologies Limited as of June 2024 reveals that the promoters hold an 8.27 percent stake, Foreign Institutional Investors (FIIs) have a 0.29 percent stake, Domestic Institutional Investors (DIIs) hold a 0.03 percent stake, and retail investors dominate with a 91.42 percent stake in the company.
About the Company
GACM Technologies Limited is a research-driven global trading house that specializes in data handling, data processing, and data management, with a focus on commodity trading across markets.
Written by – Siddesh S Raskar
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