 "Dynacons Systems shares soar 14% after contract win from RBI; Details here")
Shares of Dynacons Systems & Solutions Ltd. rose nearly 14 per cent on Wednesday after it secured a contract from the Reserve Bank of India (RBI) for its Enterprise Application Platform (EAP) worth ₹249.15 crore.
The IT-enabled services company's stock rose as much as 13.97 per cent during the day to ₹1,039.5 per share, the biggest intraday rise since December 12 this year. The Dynacons Systems & Solutions stock pared gains to trade 12.8 per cent higher at ₹1,029 apiece, compared to a 0.17 per cent advance in Nifty 50 as of 10:07 AM.
Shares of the company snapped a five-day losing streak and currently trade at 18 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 25 per cent this year, compared to a 10 per cent advance in the benchmark Nifty 50. Dynacons Systems has a total market capitalisation of ₹1,306.57 crore. READ LATEST STOCK MARKET UPDATES TODAY LIVE
Dynacons Systems secures contract from RBI
The company on Tuesday said it has secured a contract from the Reserve Bank of India (RBI) for ₹249.15 crore. The five-year contract involves the implementation, maintenance, and learning services of the Enterprise Applications Platform (EAP) software at the central bank under a consumption-based model, the statement said.
RBI is in the advanced stages of building an EAP, a suite of software tools that will serve as the foundational infrastructure for developing, deploying, and managing enterprise-scale applications. The platform's base layer is built on Red Hat OpenShift Platform Plus, a container orchestration and management system, and will be enhanced with additional software tools and services to improve functionality, security, and operational efficiency.
Under the agreement, Dynacons will deliver a scalable and secure EAP solution by integrating software tools from global original equipment manufacturers, including IBM, Elastic, Hazelcast, JFrog, and Process9. ALSO READ | Steel stocks up 2nd straight day, rally up to 5%; SAIL, JSL hit 52-wk highs
The project will be implemented across all RBI data centres, regional offices, zonal training centres, and subsidiaries such as ReBIT, RBIH, DICGC, and IFTAS, the company said.
"The turnkey engagement includes the supply of perpetual and subscription licenses, seamless integration with RBI's existing infrastructure, project management, technical support (L2/L3), and extensive training and knowledge transfer for RBI teams," the filing said.
Dynacons Systems is a 30-year-old IT company with global perspectives, with its headquarters in Mumbai and branches all over India. The Company has a large pool of technical resources who are present at more than 250 locations across India. The Company has all the industry-leading certifications, such as CMMI Level 5, ISO 9001, ISO 20000, ISO 27000, among others.