This micro cap stock hit an upper circuit of 20% in the trading session today after the company announced its strategic partnership with InsureMO to offer PaaS to enterprises.
Share price of 3I Infotech opened at Rs. 33.74 per piece and gained 20% to hit its upper circuit of Rs. 40.02 per piece. The stock lost 29.19% in the last year but gained a total of 801.35% in the last three years.
On 5 September 2023, the company announced its strategic partnership with InsureMO to start offering PaaS to enterprises through an exchange filing.
Through this partnership, 3i Infotech will be able to increase the scope of the services it provides by adding implementation skills for the InsureMO platform which will modernise and modify the products that insurance providers offer without altering their fundamental solutions.
Comparing its latest financial statements on a QoQ basis, total revenue of Rs. 19.46 crore in Q42023 is increased by 2% to Rs. 194.38 crore in Q1FY24. Its net loss which was Rs. 27.27 crore in Q4FY23 is reduced to Rs. 15.59 crore in Q1FY24. The company maintains a low debt of equity of 0.08. It also maintains a good average ROE for the last three years of 19.56.
3I Infotech Limited is a provider of software solutions and information technology services. The company was established back in 1993. It is headquartered in Mumbai, India with more than 25 years of experience. The company facilitates in three segments which include enterprise services, professional services and digital business services.
Written by Bhumika Khandelwal
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