Dynacons Systems zooms 39% on Rs 233-crore order win from Nabard

Average trading volumes on the counter jumped over five-fold today with a combined 741,000 equity shares having changed hands on the NSE and BSE so far in trade

Shares of Dynacons Systems & Solutions (Dynacons) hit a new high of Rs 1,311.95 as they surged 16 per cent on the BSE in Thursday's intraday trade amid heavy volumes. In the past two trading days, the stock price of the information technology (IT) enabled services company has zoomed 39 per cent after securing a contract worth Rs 233 crore (all inclusive) from the National Bank for Agriculture and Rural Development (Nabard). 

This win will likely help Dynacons to become one of the leading players as a Systems Integrator in the BFSI segment, the company said.

At 10:53 am, Dynacons stock price was quoting 13.5 per cent higher at Rs 1,286.40 as compared to 0.04 per cent gain in the S&P BSE Sensex. Average trading volumes on the counter jumped over five-fold today with a combined 741,000 equity shares having changed hands on the NSE and BSE. Thus far in the calendar year 2024, the stock price of Dynacons has more-than-doubled, zooming 112 per cent.

The monumental contract, Dynacons said, encompasses the upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states.

The project's scope includes Core Banking Solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from leading technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.

Nabard, the apex development bank in India dedicated to fostering rural development and agricultural growth, plays a pivotal role as a mentor and facilitator for implementing core banking solutions in the rural financial sector. This project further underscores NABARD's commitment to embracing cutting-edge solutions to enhance operational efficiency and deliver superior banking services, the company said.

Meanwhile, on March 26, Dynacons had announced that it has been awarded a contract worth Rs 41.72 crore by the National Payments Corporation of India (NPCI) for a Data Centre Tech Refresh initiative.

NPCI plays a pivotal role in developing a robust Payment & Settlement Infrastructure in India. As an umbrella organization, NPCI facilitates critical services including UPI Payment, Bharat Bill Pay, RuPay Card, Fast Tag, and more.

Earlier, in February, Dynacons was awarded a contract by Bharat Sanchar Nigam Limited (BSNL) worth Rs 90.02 crore to deliver an Integrated Telecom Network and IT solution for a prominent customer of BSNL. The comprehensive solution will also include a Command Centre and Network Operations Center (NOC) to enhance BSNL's capabilities in serving its customers, the company said.