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New Delhi: Shares of Scanpoint Geomatics have surged over 3 per cent today. The stock has continued its upward trend for the fifth straight session. The small-cap company’s shares reached as high as Rs 9.95 on the Bombay Stock Exchange (BSE). The surge marks a nearly 12 per cent increase in just one week.
Why Scanpoint Geomatics Share Price Is Rising?
Scanpoint Geomatics, a small-cap firm listed on the BSE, specializes in IT services and software. The recent rally in its share price follows the announcement that the company has been shortlisted for a significant project with the Indian armed forces.
What Scanpoint Geomatics Said?
In a filing on September 30, Scanpoint Geomatics expressed its excitement about this achievement, stating, “We are pleased to inform all stakeholders that Scanpoint Geomatics Limited has successfully achieved a significant milestone by being shortlisted for a prestigious project of the Indian armed forces, specifically under the ‘MAKE – II’ and IDDM (Indian Design Development and Manufacturing) initiatives.” The project aims to enhance indigenous design and manufacturing capabilities for the armed forces.
Scanpoint Geomatics: Financials
The company’s financial performance also contributed to its stock’s rise. In the quarter ending June 2024, Scanpoint Geomatics reported impressive growth, with revenue skyrocketing by 416.83 per cent to Rs 17.75 crore compared to Rs 3.43 crore in the same quarter last year. Additionally, the net profit for the April-June quarter increased by 104.48 per cent, rising to Rs 0.47 crore from Rs 0.23 crore year-on-year.
Scanpoint Geomatics Share Price Performance
Over the past month, Scanpoint Geomatics shares have gained over 14 per cent, and the stock has seen a remarkable increase of more than 94 per cent year-to-date (YTD). In the past year, the penny stock has provided over 50 per cent returns. The stock reached a 52-week high of Rs 11.24 on August 13, 2024, after previously hitting a 52-week low of Rs 3.76 on March 6, 2024.
At 11:30 am on Friday, Scanpoint Geomatics shares were trading 3.65 per cent higher at Rs 9.95 on the BSE.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
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