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This software stock has soared 69% in 3 days; zoomed 100% in last 1 month

Shares of Odyssey Technologies have locked in upper circuit of 20 per cent at Rs 156.97, also its 52-week high on the BSE on Tuesday at 01:30 pm; amid heavy volumes

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Illustration: Binay Sinha

SI Reporter Mumbai

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Shares of Odyssey Technologies have locked in upper circuit of 20 per cent at Rs 156.9, hitting a 52-week high on the BSE in Tuesday's intraday deals amid heavy volumes. In the past three trading  sessions, the stock of the software products firm has soared 69 per cent from level of Rs 93.05 on May 23. In past one month, however, the market price of the stock doubled from Rs 78.40.

Odyssey Technologies is trading under ‘X’ category. Companies falling in the X sub-group are traded only on BSE and not on NSE.

The average trading volumes on the counter more than doubled on Tuesday. As many as 3,24,000 equity shares have already changed hands, against an average 1,18,000 shares were traded in past two weeks. There are pending buy orders for 71,349 shares on the BSE, the exchange data showed.

Odyssey Technologies is engaged in the business of software development with primary focus on information security products built around the public key infrastructure and cryptography, and the related services.

The company remains quite optimistic about the xorkee offerings with the offerings already gaining reputation of being the most user and customer friendly in the market and hence the adoption has been gaining pace. The company remains extremely optimistic in its outlook.

During the financial year 2023-24 (FY24), Odyssey Technologies have successfully added support for two more Indian customs related signing services in the xorkeesign G2C extension.

The company has added support for a State Government’s official applications as requested by the Government. When fully adopted, the feature will service more than 5,000 Government functionaries across the state. It was introduced in the last quarter of the year and by year end, more than a hundred officers were using it on a daily basis to render more than 2,000 signatures per day. Odyssey Technologies in its FY24 annual report said that the company expects the adoption to grow and the ease of use therein will prompt the other States also to adopt this solution.

The year also saw a few pilot and proof of concept implementations of xorkee-based authentication. A large bank has been running POCs and expected to reach a decision in the first half of 2024-25. A few other banks and financial institutions have also started their due-diligence process, the company said.



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First Published: May 28 2024 | 2:09 PM IST

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