Penny stock under ₹1: GACM Technologies share price hit 8.70% upper circuit on NSE in Monday's trading session after the company said it has executed MoU with Meridian Intelligence Private Limited.
The penny stock opened at ₹0.75 apiece today, as compared to previous close of ₹0.69 on Friday last week.
GACM Technologies MoU details
In an exchange filing on 3 August, GACM Technologies said that the execution of MoU marks an important and purposeful milestone in its journey of growth and expansion.
The company has consistently endeavored to identify, evaluate and embrace strategic opportunities that are aligned with its long-term business objectives, and the execution of this MOU is a direct and deliberate outcome of that focused approach.
By joining hands with Meridian Intelligence Private Limited, the company is taking a confident step towards strengthening its presence in the software development space and unlocking new, sustainable avenues of growth-oriented revenue generation.
The MOU contemplates a cooperative and coordinated working relationship between the Parties and is intended to provide the foundation and framework for any and all anticipated binding agreements relating to the development of software. The contract value under the said understanding is ₹1,500 lakhs, and the arrangement shall commence upon the Effective Date stated in the agreement and shall continue until 30 September 2028, thereby providing the company with a meaningful multiyear runway for value creation and business development.
“We believe that this understanding represents a significant step toward advancing the Company’s objectives. We are confident that this collaboration will create meaningful opportunities for mutual growth and value creation for all stakeholders. We look forward to working closely together to achieve our shared goals and to foster a successful and enduring partnership,” the company said in the filing.
GACM Technologies share price trend
GACM Technologies share price trend has remained largely positive in the near-term despite weak market sentiments. The penny stock has given 53% gains in a week and in a month.
Furthermore, the stock has delivered 36% returns on year-to-date (YTD) basis and 44% in a year.
Looking at the broader level, the stock has slipped 28% in three years, however, has gained 23% in five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
