IT stock under ₹40 jumps over 7% after receiving order from Singapore based company

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 7.4 percent on NSE, after securing a work order worth $5,01,993 from a Singapore-based company.

Price Movement

With a market capitalisation of Rs. 170.2 crores, at 12:49 p.m., the shares of Canarys Automations Limited were trading in the green at Rs. 30.3 on NSE, up by around 7.3 percent, as against its previous closing price of Rs. 28.25. The stock hit its 52-week high at Rs. 68.7 on 8th July 2024, and compared to its current price level of Rs. 30.3, the stock is trading at a discount of nearly 56 percent.

What’s the News

As per the latest regulatory filings with the NSE, Canarys Automations Limited has received an order worth $501,993 under a fixed-price contract from Manali Consulting Pte Ltd., Singapore, to transform the business planning and forecasting processes of Saudi Electricity Company (SEC). The project is set to be completed between March 2025 and October 2025.

The company will deliver one of its flagship SAP Enterprise Portfolio and Project Management solutions to SEC. Together, both parties will ensure the successful implementation and rollout to the designated business lines as part of SEC’s Digital Transformation journey in WAVE2.

This project will significantly enhance Canarys Automations’ SAP capabilities within the Utilities industry domain, driving growth and expanding its expertise in professional services.

Also read: Stock under ₹15 jumps after receiving order worth over ₹9 Cr From Dubai based Co.

Previous Orders

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.

21st March 2025: Canarys Automations was 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.

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 ₹40 jumps over 7% after receiving order from Singapore based company appeared first on Trade Brains.