Penny stock under Rs 10 hit 10 per cent upper circuit as this IT-company bags new order worth Rs 74.32 crore from NewSpace India Limited (NSIL)

Vama Industries Limited secured a significant supply order valued at Rs. 74.32 crore (while the company’s market cap is Rs 31.58 crore) from NewSpace India Limited (NSIL), a government agency under the Department of Space. This order entails providing Hierarchical Storage Management (HSM) systems and servers for a Central Archival Facility (CAF) on a turnkey basis, including installation, commissioning, data migration, training, warranty, and support services for a period of 7 years following installation. The entire project is expected to be completed within 24 weeks and represents a substantial contract for Vama Industries.

Vama Industries Ltd, founded in 1985, is a company offering IT-related services. They specialize in system integration and provide solutions for clients in the space and defence sectors, along with cloud projects. Their services encompass high-performance computing, engineering design, cloud services, and Internet of Things (IoT) projects with machine-to-machine communication. Vama offers a variety of IT services and consulting, including mobile application development, internet of Things solutions, cloud computing, business intelligence and analytics, software development, database services, and blockchain technology.

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Their engineering services include computer-aided design (CAD), engineering data management, product design and development, and product sales and support. Additionally, they provide IT infrastructure solutions such as data centre implementation, high-performance computing, remote infrastructure management, IT infrastructure consulting, and infrastructure management services.

On Friday, shares of Vama Industries Limited were locked in a 10 per cent upper circuit to Rs 6.01 per share from its previous closing of Rs 5.47 per share. The shares of the company saw a spurt in volume by more than 3.85 times on BSE. The stock’s 52-week high is Rs 7.20 and its 52-week low is Rs 4. The shares of the company are up over 50 per cent from its 52-week low of Rs 4 per share. Investors should keep an eye on this micro-cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.