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Microcap stock hits 5% upper circuit after company received work order from SWSM

Published 25-06-2024, 01:39 pm
Microcap stock hits 5% upper circuit after company received work order from SWSM
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The shares of the microcap company hit 5 percent upper circuit of Rs 545 after the company received a new work order from the State Water and Sanitation Mission (SWSM).

With a market capitalization of Rs 890.50 crore, the shares of Ceinsys Tech Ltd were trading in green at Rs 545.00 per share, increasing around 5 percent as compared to the previous closing price of Rs 519.05 apiece.

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Description of Events:-

According to the company filing, Ceinsys Tech Ltd received a new work order for two of the major projects from the State Water and Sanitation Mission (SWSM) ), Uttar Pradesh.

Matter Explained:-

These projects were received to serve as a consultant for Third Party Inspection (TPI) and Monitoring of Physical and Financial Progress through a Quality and Cost Based Selection (QCBS) process for various Rural Water Supply Projects for two clusters viz. Lucknow and Devipatan.

Moreover, this is the second extension to the existing order for two clusters viz. Lucknow and Devipatan, the Company had received from State Water and Sanitation Mission (SWSM), Uttar Pradesh in FY 2021-22.

Financial outlook:-

Looking into the company’s financial performance, revenue magnified by 7 percent from Rs 73 crore in Q4FY23 to Rs 78 crore in Q4FY24, but during the same period, net profit plummeted by 42 percent from Rs 21 crore to Rs 12 crore.

Remarkable Gains:-

The stock has delivered a return of 55.07 percent in the last six months and a multi-bagger return of 131.37 percent in a year. If an individual invested Rs. 1 lakh a year ago in the company would be worth Rs. 2.46 lakh now.

Company profile:-

Ceinsys Tech Limited is an Indian geospatial engineering, mobility, and enterprise solution provider. The company also sells software and power. The company’s segments include Enterprise Geospatial and Engineering Services (EES), Software Products, and Power Generation.

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Written by:- Abhishek Singh

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