Trigyn Technologies jumps after contract win

Trigyn Technologies added 3.47% to Rs 46.25 after the company said its wholly-owned subsidiary bagged a contract from the Ontario Education Collaborative Marketplace (OECM).

Trigyn Technologies said its wholly-owned subsidiary, Trigyn Technologies, Inc., has been awarded a contract to provide IT technical resource augmentation services by the Ontario Education Collaborative Marketplace (OECM) in the East and West Geographical Zones of Ontario, Canada.

The services will be provided to OECM customers which include Ontario's publicly funded education institutions (school boards, colleges and universities), and broader public sector (BPS) organizations, including municipalities, hospitals, community care access centers, developmental services organizations, crown corporations, as well as not-for-profit organizations.

The award is for a period of three years, with an option to extend for an additional two years, bringing the potential term to five years. Trigyn was selected as one of three suppliers to service these entities. The announcement was made during market hours today, 19 February 2020.

Shares of Trigyn Technologies tanked 9.51% in the past three trading sessions to settle at Rs 44.70 yesterday, 18 February 2020, from its close of Rs 49.40 on Thursday, 13 February 2020.

In the past one month, the scrip slumped 13.38% to its current market price of Rs 46.25.

On the technical front, the stock's RSI (relative strength index) stood at 46.233. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

On a consolidated basis, the net profit soared 87% to Rs 17.22 crore on a 4.6% increase in net sales to Rs 231.74 crore in Q3 December 2019 over Q3 December 2018.

Trigyn Technologies is engaged in computer programming, consultancy and related activities. The firm's segments include Government contracts, mainly the United Nations and its agencies, and others. The company provides IT staffing, consulting, solutions, systems integration, digital marketing and other services to its clients.

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