Trigyn Tech strengthens after extension of contract with United Nations

Trigyn Technologies rose 2.34% to Rs 102.95 at 11:00 IST on BSE after the company announced that the contract between the United Nations, OICT and its subsidiary has been extended to 30 June 2018.

The announcement was made after market hours yesterday, 21 September 2017. The stock had gained 2.86% to Rs 100.60 yesterday, 21 September 2017.

Meanwhile, the S&P BSE Sensex was down 304.95 points or 0.94% at 32,065.09. The S&P BSE Small-Cap index was down 268.12 points or 1.6% at 16,516.70.

On the BSE, 7,684 shares were traded on the counter so far as against the average daily volumes of 13,600 shares in the past one quarter. The stock had hit a high of Rs 105.60 and a low of Rs 102.50 so far during the day. The stock had hit a 52-week high of Rs 164 on 19 May 2017 and a 52-week low of Rs 78.85 on 22 November 2016.

The stock had underperformed the market over the past one month till 21 September 2017, gaining 0.75% compared with the 3.55% gains in the Sensex. The scrip had also underperformed the market in past one quarter, falling 22.53% as against Sensex's 3.47% gains. The stock had also underperformed the market over the past one year, rising 4.68% compared with the 13.55% gains in the Sensex.

The small-cap company has equity capital of Rs 29.90 crore. Face value per share is Rs 10.

Trigyn Technologies announced that the contract between the United Nations, OICT (Office of Information and Communication Technology) and the company's subsidiary, Trigyn Technologies Inc., for provision of IT staffing and support services, has been extended to 30 June 2018.

Currently, under this contract, Trigyn has around 150 resources in multiple engagements supporting the ICT infrastructure and systems at the United Nations Headquarters, New York City.

On a consolidated basis, Trigyn Technologies' net profit rose 0.65% to Rs 9.27 crore on 2.66% decline in net sales to Rs 163.83 crore in Q1 June 2017 over Q4 March 2017.

Trigyn Technologies is an IT firm providing custom software solutions, managed services, staff augmentation and consulting services to clients in 16 countries across Asia, North America, Europe, and Africa.

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