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AGS Transact Technologies Ltd witnessed a remarkable 13% surge in its shares following a substantial order announcement. The company secured a contract to supply 1,350 ATMs to the State Bank of India (SBI) under its banking automation solutions portfolio.
AGS Transact Technologies: Order Details
AGS Transact Technologies revealed that as part of the order, SBI plans to deploy ‘AGS’-branded ATMs across India during the current fiscal year. Stanley Johnson, the Executive Director of AGS Transact Technologies, emphasized the significance of this order in strengthening the company’s topline for the Banking Automation Solutions segment. He highlighted that the order not only includes the sale of banking automation solutions but also comprises long-term annual maintenance contracts.
This announcement follows AGS Transact Technologies’ successful integration of 8,000 ATM/CRMs for Punjab National Bank and Union Bank of India under its managed services portfolio. As of September 30, 2023, the company has an impressive track record, having installed, managed, or maintained 77,658 ATMs/CRMs across 2,200 cities and towns in India.
AGS Transact Technologies Ltd: Financial Overview
Financially, AGS Transact Technologies reported a narrowed net loss of ₹34.73 crore in the September quarter, an improvement from ₹11.92 crore in the same period last year. However, its net witnessed a 7.21% YoY decline, amounting to ₹272.96 crore for the three months ending September 2023, compared to ₹294.18 crore in the preceding fiscal quarter.
AGS Transact Technologies Limited stands as one of India’s largest omni-channel payment solutions providers, offering digital and cash-based solutions to banks and corporate entities. The company specializes in ATMs, CRM outsourcing, cash management, and digital payment solutions.
This latest development underscores the company’s commitment to innovation and its pivotal role in shaping the future of banking automation. Investors and stakeholders keen on the fintech landscape are urged to closely monitor AGS Transact Technologies Ltd as it continues to make strides in the dynamic and competitive financial technology sector.
AGS Transact Technologies Ltd: Share Price
On the trading front, as of 10:26 AM, AGS Transact’s shares were trading 8.14% higher at ₹66.72 on the BSE. This surge reflects the market’s positive response to the SBI order and AGS’s growing influence in the financial technology sector.
Share Market Today
In the broader market context, on November 10, the benchmark indices, Sensex and Nifty, experienced gains fueled by increased activity in banking, financials, and oil & gas stocks. Despite a lower start, the indices closed with incremental gains, showcasing the resilience of the market amidst various economic factors. Economists anticipate a decrease in retail inflation, further boosting investor confidence. The positive momentum is also attributed to continuous mutual fund flows and festive season fervor surrounding Diwali. The BSE Sensex added 72.48 points, closing at 64,904.68, while the Nifty advanced 30.05 points to reach 19,425.35, marking a notable day in the Indian share market landscape.
Rupee ends at record low of 83.34 against the US Dollar.Rupee ends at 83.34/$ against Thursday’s close of 83.28/$.
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