Penny stock under ₹2: GACM Technologies share price hits upper circuit on bagging order worth ₹10 crore

GACM Technologies share price was locked at 5% upper circuit after the company announced the receipt of a project worth ₹10 crore. GACM Technologies share is penny stock and was up 4.43% at ₹1.65 apiece on the BSE.

GACM Technologies said that it bagged an order worth ₹100 million (10 crore) from MSK Technologies (India) Pvt Ltd for resource augmentation and consulting services, leveraging GACM’s expertise in IT solutions and technology services.

The expected gross profit from the project is approximately 55% - 60% of the total order value, estimated between ₹5.50 crore to ₹6 crore.

“The services will be performed both onsite at the Customer’s premises and offshore at GACM’s development offices. This project enhances GACM’s portfolio in high-value IT services, showcasing our ability to execute large-scale assignments,” GACM Technologies said in a BSE filing on Monday.

The project is expected to positively influence the company’s revenue and profitability in the current financial year, aligning with its growth strategy, the company added.

GACM Technologies share price history

GACM Technologies share price has risen over 22% in one week and nearly 29% in one month. The penny stock has rallied more than 83% in three months, while its year-to-date (YTD) gains stand at 14.5%.

GACM Technologies stock price has given multibagger returns of more than 126% in the past one year and over 205% in three years.

Last month, GACM Technologies concluded the rights issue of its shares. The company’s rights issue opened on July 31 and closed on August 14 and the GACM Technologies rights issue record date was set on July 16.

On August 22, the company approved the allotment of Rights 34,02,87,057 Equity Shares fully paid and 5,91,09,227 EQ - DVR fully paid up at a price of ₹1 per share. GACM Technologies Rights issue size was ₹34.03 crore and the entitlement ratio was 1:1, which means 1 rights share for every 1 fully-paid equity shares held on the record date.

At 11:50 am, GACM Technologies shares were still locked in at 5% upper circuit of ₹1.65 apiece on the BSE.

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