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3i Infotech locked in upper circuit on winning Rs 6-crore deal

3i Infotech told BSE it secured a cloud transformation deal for its NuRe platform from one of the "large commercial banks" in the Asia-Pacific region

April 05, 2022 / 04:13 PM IST
3i Infotech

3i Infotech

 
 
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3i Infotech share price was locked in 5 percent upper circuit on April 5 after the IT firm announced it had bagged another contract, second in the last one week. The stock opened and closed at Rs 59.35 on the BSE.

The smallcap IT company told BSE on April 4 that it had secured a cloud transformation deal for its NuRe platform from one of the “large commercial banks” in the Asia-Pacific region.

The deal size is about Rs 6.04 crore, the company added.

On March 30, the company had signed master service agreements (MSAs) with six firms Dhani Loans and Services, Amara Raja Batteries, Aavas Financiers, Erulearning Solutions, Vishal Mega Mart and Rockman Industries.

The starting contract value is Rs 10.58 crore, the company said.

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3i Infotech shares registered more than 15 percent gains in three consecutive sessions but since the middle of December, the stock has lost 49 percent, possibly due to poor showing in the third quarter.

The IT company posted a net loss of Rs 22.63 crore for Q3FY22 against a loss of Rs 23.09 crore in the previous quarter, while its revenue from operations fell to Rs 165.7 crore from Rs 175.82 crore during the same period.

In the nine-month period ended December 2021, the firm had a net loss of Rs 53.60 crore, which widened from Rs 43.74 crore reported in a year-ago period, though revenue increased to Rs 501.38 crore from Rs 459.45 crore during the same period.
Sunil Shankar Matkar
first published: Apr 5, 2022 04:13 pm
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