AGC Networks zooms nearly 100% in four weeks

The stock rallied 20 per cent to Rs 118, surging 63 per cent in the past four days, as compared to a 1 per cent decline in the S&P BSE Sensex.

Shares of AGC Networks surged 20 per cent to Rs 118.40 apiece on Monday, zooming nearly 100 per cent in past four-weeks, on back of heavy volumes.

The stock of IT consulting and software firm rallied 97 per cent from Rs 60.20 since December 10, 2018. In comparison, the S&P BSE Sensex was up 3 per cent during the same period. In the past four days, it soared 63 per cent against a 1 per cent decline in the benchmark index.

Till 02:22 pm; the trading volumes on AGC Networks counter jumped more than 10-fold with a combined 409,187 equity shares changing hands on the BSE and NSE. The stock hit a 52-week high of Rs 142 on May 31, 2018, and a 52-week low of Rs 46 on October 29, 2018.

AGC Networks is a Global Solution Integrator representing the world’s best brands in unified communications, data center & edge IT, cybersecurity (CYBER-i) and digital transformation & applications to evolve the customer’s digital landscape.

AGC Network had reported a robust seven-fold jumped in its consolidated net profit at Rs 16.76 crore during the first half (April-September) of the financial year 2018-19 (H1FY19). It posted a profit of Rs 2.39 crore during the same period last fiscal. Revenue grew 16.7 per cent to Rs 385 crore on YoY basis.

The company said it has major project wins across both the new age verticals and AGC’s stronghold verticals of banking, finance & insurance, healthcare, hospitality, manufacturing and IT / ITes.