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Ceinsys Tech surges 20% on Rs 248Cr Maharashtra Govt deal

Oct 23, 2023

By: BlinkX Research Team

Ceinsys Tech (CTL) secured a Rs 248 crore contract from the Maharashtra Government. The stock has surged 63% in the past six weeks. CTL announced the allocation order from the State Water and Sanitation Mission for IoT Deployment under the Jal Jeevan Mission in Maharashtra. 

The project spans two years for implementation and five years for operations & maintenance. Trading volumes surged nearly five-fold, with 499,000 shares (3% of total equity). Pending buy orders for 59,104 shares were observed. CTL, listed exclusively on BSE, specializes in Geographical Information Services (GIS) and Engineering Solutions, offering services in GIS, Remote Sensing, LiDAR, and more. CTL anticipates strong growth in water and energy sectors, driven by integrated solutions and grid modernization. 

The company reported a 25% YoY growth in its Mobility and Manufacturing Engineering services. CARE Ratings maintains a Stable outlook on CTL's bank facilities, reflecting confidence in its business profile and global expansion through Allygrow Technologies Private Limited.