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Micro cap stock jumps 3% after company sets up new cash vault facility in Bengaluru 

Published 13-06-2024, 01:12 pm
Micro cap stock jumps 3% after company sets up new cash vault facility in Bengaluru
AGRO
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SBI
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Shares of this microcap company jumped around 3 percent in Thursday’s trading session after setting up a new cash vault facility in Bengaluru.

With a market capitalization of Rs. 976 crores, the shares of AGS Transact Technologies Ltd started Thursday’s trading session on a higher note at Rs. 80.10 compared to its previous close of Rs. 79.11. During the trading session, the shares hit a high of Rs. 83, gaining around 3 percent and are currently trading at Rs. 79.82 apiece.

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Such a positive movement in the share price was observed after the company in an exchange filing announced that it had set up a new cash vault facility in Bengaluru, Karnataka. This state-of-the-art facility will offer world-class cash processing and vault services. This new cash vault facility is expected to further enhance the company’s cash management operations across Karnataka.

Looking at the company’s financial statements, the revenue decreased by 7 percent from Rs. 373.75 crores during the December quarter to Rs. 349.18 crores in the March quarter. On the other hand, the company minimised their net losses from Rs. 15.38 crores to Rs. 4.45 crores during the same period.

Recently, the company has commenced the deployment of 1,350 ATMs, an order won from the State Bank of India (NS:SBI) in FY24. The company is expected to complete the deployment by H1FY25. AGS Transact Technologies had received this order under its Banking Automation Solutions portfolio.

The order will contribute towards the strengthening of the top line of this business segment. AGS Transact Technologies had won another order from the SBI for more than 2500 ATM/CRMs worth Rs. 1,100 crores over seven years, under its ATM Outsourcing portfolio in the Payment Solutions Business Segment.

As of March 31, 2024, AGS Transact Technologies Limited has installed, managed, or maintained 75,361 ATMs/CRMs across 2,200 cities and towns in India.

The company is aiming to become debt-free in the next 4 to 5 years and expects substantial contributions to profits in the next three years.

Headquartered in Mumbai, AGS Transact Technologies is one of India’s leading Omni-channel payment solution providers. It is the second-largest company in India in terms of revenue from ATM-managed services and also the largest deployer of POS terminals at petroleum outlets in India.

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Written By Vaibhav Patil

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