IT stock under ₹30 jumps over 9% after receiving order for Software Development

During Friday’s trading session, the shares of a company engaged in software & hardware development, consultancy services, electronic equipments and other technology solutions surged around 9.6 percent on NSE, after securing a work order worth ~Rs. 6 crores for Software Development including other data-related works.

Price Movement

With a market capitalisation of Rs. 155 crores, at 02:07 p.m., the shares of Canarys Automations Limited were trading in the green at Rs. 27.6 on NSE, up by around 4 percent, as against its previous closing price of Rs. 26.55.

What’s the News

As per the most recent regulatory filings with the NSE, Canarys Automations Limited has been awarded a work order valued at nearly Rs. 6 crores from Compviz Technologies Private Limited, with payment due within 30 days from the date of invoice.

The scope of this order includes the software design/development of an Android mobile application for EHP Inspection Data visualization and a Defect Tracking Module, as well as data gathering & consolidation, data validation & processing, and data analysis & reporting.

Previous Orders

5th December 2024: Canarys Automations was awarded an order valued at nearly Rs. 3 crores from Karnataka Golf Association (KGA) to provide software services for the discovery, implementation, go-live and maintenance phases of the KGA digitalization project, aimed at delivering a comprehensive customized ERP solution for a support period of 4 years.

16th December 2024: The company secured a work order worth Rs. 15.5 crores from the Government of Tamil Nadu, Water Resources Department, Chennai, for the supply, installation, testing and commissioning of SCADA (Supervisory Control and Data Acquisition) based Reservoir Gate Automation and Operations System. This includes 5 years of Operations and Maintenance for the Chennai City Water Supply Reservoirs Project.

Also read: PSU Railway stock jumps 4% after receiving ₹554 Cr order from National Highway Authority

Financials

Canarys Automations experienced significant growth in its revenue from operations, showing a year-on-year rise of 21.3 percent, from Rs. 31 crores in H1 FY24 to Rs. 37.6 crores in H1 FY25. Similarly, its net profit increased during the same period from Rs. 2.65 crores to Rs. 4.2 crores, indicating an impressive growth of around 58.5 percent YoY.

About the Company

Canarys Automations Limited, one of the leading IT solutions providers, is engaged in the business of software and hardware development and maintenance and consultancy services and operation of electronic equipment, along with undertaking the execution of integrated water management system projects on a turnkey basis.

Written by Shivani Singh

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post IT stock under ₹30 jumps over 9% after receiving order for Software Development appeared first on Trade Brains.