Shares of this IT company have risen 87% so far in December
Shares of Ceinsys Tech (formerly ADCC Infocad) were stuck in the upper 20% circuit for the second day in a row, at Rs 253.25, hitting a record on BSE in trading on Friday.
In the last two trading days, shares of the information technology (IT) consulting and software firm have jumped 44% after the announced acquisition of Allygrow Technologies Private Limited, a company focused on technology present in the United States, Europe and India and specializes in product design and robotic automation (manufacturing engineering) services.
Over-the-counter trading volumes have multiplied by several, with 80,000 shares changing hands by 11:20 am, compared to an average of less than 7,200 shares traded in the past two weeks. There were pending buy orders for 26,224 shares on BSE. In comparison, the S&P BSE Sensex lost 0.68% to 56,925 points.
So far in December, Ceinsys Tech’s market price has risen 87%, compared to a 0.29% drop in the benchmark.
Management said the acquisition would expand Ceinsys’ business areas globally through Allygrow’s international presence. âAllygrow will add to the value chain of Ceinsys Tech’s offerings for its customers. Synergies broaden its horizons to the automobile. Ceinsys will have a unique positioning as an Indian brand with broad exposure and skills in the AEC and manufacturing segments, âsaid management.
Ceinsys Tech is a solutions provider offering geographic information services (GIS) and engineering solutions. The company specializes in the design, capture, storage, manipulation, analysis and management of all types of geographic data. Its services include GIS, remote sensing, LiDAR (light sensing and telemetry), photogrammetry, energy systems and solutions, engineering design services, surveys and custom application development.
Allygrow is a technology-driven organization focused on core design, development and manufacturing engineering services.