Ceinsys Tech hits 20% upper limit on winning Rs 248 cr order from Maha govt

The company has secured work allocation order from State Water and Sanitation Mission (SWSM), Water Supply and Sanitation Department (WSSD), Government of Maharashtra amounting to Rs 248.39 crore.

Shares of Ceinsys Tech (CTL) were locked in the 20 per cent upper circuit at Rs 313.55 on the BSE on Monday at 11:43 AM; on back by heavy volumes after the company said it won an order worth of Rs 248 crore from the Maharashtra Government. In past six weeks, the stock has rallied 63 per cent.

In an exchange filing, CTL said the company secured work allocation order from State Water and Sanitation Mission (SWSM), Water Supply and Sanitation Department (WSSD), Government of Maharashtra amounting to Rs 248.39 crore. The order is for Appointment of System Integrators (SI’s) for IoT Deployment including Design, Implementation & Maintenance with Centralized IoT Platform for Jal Jeevan Mission Projects in State of Maharashtra, the company said.
 

The time period for the said order is two years for implementation and 5 years for operations & maintenance (O&M).

The average trading volumes at the counter jumped nearly five-fold today. Around 499,000 shares representing 3 per cent of total equity of CTL changed hands on the BSE till 11:55 AM. There were pending buy orders for 59,104 shares on the exchange, data shows. Currently, CTL is trading under ‘X’ segment and only listed on the BSE.

CTL is a solution provider offering Geographical Information Services (GIS) and Engineering Solutions. The company specializes in designing, capturing, storing, manipulating, analyzing and manage all types of geographical data. Its services include GIS, Remote Sensing, LiDAR (Light Detection and Ranging), Photogrammetry, Energy System and solutions, Engineering Design Services, Surveys and Customized Application Development.

CTL remains confident of strong growth across water business vertical with increasing demand for solutions that integrate water management into the overall development, of public and industrial infrastructure and capacities, planning, and management practices.

The outlook for energy segment for FY24 remains highly positive, with a strong sentiment that the company forecast strong growth in this business segment. This growth will be driven by the growth opportunities in the areas of grid modernization, transmission capacity, Intelligent Asset, Management (IAM), and the integration of smart & microgrids.

Ceinsys’s Mobility and Manufacturing Engineering services business unit saw a 25 per cent YoY growth in FY23 and is pacing itself for a year of exponential growth. The outlook for the next fiscal is positive with the continued growth potential in the EV ecosystem and Manufacturing automation, the company said in its FY23 annual report.

Meanwhile, CARE Ratings has a Stable outlook on long term and short term bank facilities of CTL’s as the rating agency said it reflects that CTL is likely to maintain its business risk profile and expand its geographical presence by leveraging Allygrow Technologies Private Limited (ATPL’s) overseas network.