Penny Stock Below Rs 1: This Micro-Cap IT Stock Signing Rs 15 Crore Software Development Agreement; Share Price Jumps 9%
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GACM Technologies has signed a Memorandum of Understanding (MoU) with Meridian Intelligence Private Limited for a software development engagement worth Rs 15 crore, with the collaboration extending until September 2028
✨ Key Takeaways
On Monday, Indian equity benchmark indices traded higher, with the benchmark Nifty 50 index rising 196.95 points, or 0.81 per cent, to 24,580.55. Amid positive market sentiment, GACM Technologies' share price jumped 8.70 per cent to the Upper Circuit at Rs 0.75 after the company announced the execution of a strategic Memorandum of Understanding (MoU) with Meridian Intelligence Private Limited for software development services.
Signs Rs 15 Crore Software Development Agreement
GACM Technologies informed the exchanges that it has executed a Memorandum of Understanding (MoU) with Meridian Intelligence Private Limited to establish a collaborative framework for software development projects.
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Download Service BrochureThe agreement carries a contract value of Rs 15 crore (Rs 1,500 lakh) and is aimed at strengthening the company's software development business while creating new revenue opportunities. The arrangement will commence from the effective date of the agreement and will remain valid until September 30, 2028.
Key Highlights of the MoU
Under the agreement, both companies will work together in a coordinated manner to develop software solutions and pursue future business opportunities. The MoU is intended to serve as the foundation for entering into future binding agreements related to software development.
The company stated that the collaboration is expected to strengthen its business pipeline and contribute meaningfully to long-term revenue growth over the tenure of the agreement.
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Other Key Details
GACM Technologies clarified that Meridian Intelligence Private Limited is not related to the company's promoter, promoter group or group companies, and the transaction does not qualify as a related-party transaction under applicable regulations.
The company also confirmed that it does not hold any shareholding in Meridian Intelligence Private Limited.
About GACM Technologies
GACM Technologies Ltd is engaged in providing technology-driven solutions, including software development and digital services. The company focuses on expanding its presence through strategic collaborations and partnerships aimed at strengthening its business pipeline and driving long-term revenue growth.
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Disclaimer: The article is for informational purposes only and not investment advice.