IT Stock jumps 5% after signing agreement with NMG Group Dubai
IT Stock jumps 5% after signing agreement with NMG Group Dubai
The shares of a micro-cap power stock primarily which is engaged in software development and specializes in IT Solutions, Core Banking Software, and ERP Implementation for the BFSI sector have touched a 5 percent upper circuit. This surge in stock price is due to an agreement with NMG Group, Dubai for the sale and service of their product.
Share price movement
In Tuesday’s trading session, the shares of Trust Fintech Limited (formerly Trust Systems & software) touched a 5 percent upper circuit in the day’s trade touching a high of Rs.200.65 per share, from its previous close of Rs.191.10 apiece.
Rationale for Rise
Trust Fintech has entered into an agreement with NMG Group, Dubai for sales and services for Trustbankcbs which is a Core Banking software along with various add-on modules to the Bank in Africa.
Order Value
The order from NMG Group for Core banking software for a bank in Africa is worth USD 5,28,500 and the period for the execution is approximately one year.
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Financial Performance
As the company is under a microcap category, they report financials half yearly. Their H2FY24 revenue from operations was down by 15.78 percent from H1FY24. For FY24, the revenues jumped 52.17 percent from Rs. 23 crore in FY23 to Rs. 35 crore in FY24.
Additionally, Profit After Tax (PAT) was up in down by 38 percent in H2FY24 to Rs.5.2 crore. In FY23, the PAT was around Rs. 4 crore which increased twofold to Rs. 12 crore in FY24. They recognize their revenues under sell of software and allied services and geographically, the company earns 78.55 percent from India and the remaining 21.44 percent from overseas in FY24.
Company Profile
Trust Fintech Limited is a software development company based in Nagpur. They specialize in ERP, core banking, and IT solutions for the banking and financial services industry. With over 25 years of experience, they operate in 25 and more countries while serving more than 200 clients globally. The company focuses on delivering customized software solutions which include core banking systems and compliance tools.
Written by – Santhosh S
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