 "Here's why Krystal Integrated Services shares zoomed 7% on Tuesday")
Shares of diversified commercial services provider Krystal Integrated Services zoomed 6.33 per cent to the day's high of Rs 789.25 on the National Stock Exchange during intra-day trade on Tuesday. The northward move in the company’s stock price came following news that it had been awarded a significant contract worth around Rs 106.29 crore (inclusive of all applicable taxes and duties) from the Brihanmumbai Municipal Corporation (BMC). The contract spans three years from the date of acceptance, with an option for annual renewal thereafter.
According to an exchange filing submitted by the company, the contract is for comprehensive attendant manpower services for BMC’s Education and Security Departments, aimed at enhancing the operational efficiency of Mumbai’s public services.
Notably, shares have surged 24.02 per cent in the last two trading sessions, fueled by a spurt in trading volume. The company was asked to clarify the reason for the surge, to which it responded, stating, “There is no information or announcement (including impending announcement) from the company which is/are price-sensitive that could have led to significant movement in the price behavior of the company's shares.”
“The movement in the volume is purely market-driven and based on market conditions. The management of the company is in no way connected with the volume behavior in the scrip,” Krystal Integrated Services said in a regulatory filing.
Krystal Integrated Services is a provider of integrated facility management services, specialising in healthcare, education, public administration, airports, railways, and retail. The company excels in securing, maintaining, and managing valuable assets through customised, quality-driven solutions.
The company has a market capitalisation of Rs 1,098.27 crore on the NSE as of November 26, 2024.
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Krystal Integrated Services shares have delivered a return of 10.15 per cent year-to-date. At the current market price, the company’s dividend yield stands at 0.19 per cent.
The company’s stock has a 52-week range of Rs 1,021.95 to Rs 627.95 on the NSE.
At around 2:51 PM on Tuesday, Krystal Integrated Services shares were trading at Rs 786.05, up 5.90 per cent from their previous close of Rs 742.25. Nearly 0.48 million shares of the company, worth approximately Rs 36.89 crore, have changed hands on both the NSE and BSE so far on Tuesday.
Meanwhile, benchmark equity indices BSE Sensex were trading flat at around the 80,103.8 level, and Nifty50 at around 24,225.