The shares of one of the largest integrated omnichannel payment solutions providers in India, jumped upto 6 percent in the day’s trade upon receiving a work order from Indian Oil (NS:IOC) Corporation Limited worth Rs. 58 Crores.
Price Action
With a market capitalization of Rs. 1,340 Crores, the shares of AGS Transact Technologies Limited were trading at Rs. 110.30 per equity share, up 4 percent from its previous day’s close price of Rs. 106.20.
Is AGS Transact Technologies a buy or sell? What is its Fair Value? What are the company's health parameters? What are the positive and negative factors driving the company -- ProTips? Know all the answers on the company's overview page here.
What Happened
AGS Transact Technologies Limited has announced that it has implemented and commenced managing the Prepaid Card Platform for ‘XtraPower’, the fuel and fleet management program of Indian Oil Corporation Limited.
Following this AGS Transact will receive a fixed fee for these services, generating an estimated revenue of approximately Rs. 58 Crores over five years. It is one of the largest deployers of POS terminals at petroleum outlets in India
AGS Transact Technologies will provide end-to-end platform & management services including developing & hosting the Application, provisioning the IT Infrastructure (Hardware & Software), and providing Application Maintenance Support & Change Management.
Along with Managing Backend Operations and Implementation of a Security Operations Center (SOC) and a Security Information and Event Management (SIEM) system to strengthen the platform’s cybersecurity framework and enhance threat detection capabilities. Furthermore, it will also manage Card Issuance for IndianOil’s XtraPower program.
Management Message
Mr. Ravi B. Goyal, Chairman & MD, AGS Transact Technologies Limited said, “We are delighted to partner with IndianOil on their flagship ‘XtraPower’ fuel & fleet management program. At AGS Transact, we are dedicated to transforming the mobility ecosystem in India. By offering a comprehensive prepaid card platform and management services, we aim to drive the modernization of fleet management solutions across the country.
This collaboration reinforces our commitment to delivering innovative, secure payment solutions that empower businesses to operate more efficiently and with greater ease.”
About the Company
AGS Transact Technologies Limited is one of the largest integrated omni-channel payment solutions providers in India. It delivers a wide range of customized products and services comprising cash management and digital payment solutions, ATM and CRM outsourcing, including merchant solutions, mobile wallets, and transaction processing services.
Its Revenue from operations declined by 8.45 percent YoY from Rs. 371 Crores in Q1FY24 to Rs. 340 Crores in Q1FY25, accompanied by profits of Rs. 1 Crores to Rs. 14 Crores.
Written by: Bharath K.S
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