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Dynacons Systems stock soars 18% after IT company annnounces ₹233-crore NABARD contract
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Dynacons Systems Share Price | In a regulatory filing, Dynacons Systems & Solutions Limited said the NABARD project includes upgrading and migration of core banking solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the application service provider (ASP) model. It also involves deploying a comprehensive suite of services, including consultancy, implementation, customisation and ongoing support.
Shares of IT company Dynacons Systems & Solutions Limited surged around 18% on Tuesday, April 16, after it secured a ₹233 crore contract from the National Bank for Agriculture and Rural Development (NABARD)
At 1:25 pm, Dynacons Systems & Solutions Limited’s shares were trading at ₹1,114 apiece on the NSE, an increase of 18% from their previous close.
In a regulatory filing, Dynacons Systems & Solutions Limited said the NABARD project includes upgrading and migration of core banking solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the application service provider (ASP) model. It also involves deploying a comprehensive suite of services, including consultancy, implementation, customisation and ongoing support.
The project also focuses on core banking solution upgrade, migration and maintenance, alongside infrastructure and network enhancements.
The scope of work includes serving 1,391 branches of 38 state cooperative banks across eight states. The contract is structured on an operating expense (OPEX) basis, ensuring recurring revenue streams throughout the duration of the agreement. The order is to be executed within fine years.
Dynacons Systems & Solutions Limited is a Mumbai-based IT company with branches across India. Incorporated in 1995, it offers services such as infrastructure design and consulting, turnkey systems integration of large network and data centre infrastructures, and the supply of associated equipment and software.
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