Shares of this IT Company has zoomed 87% thus far in December
Shares of Ceinsys Tech (formerly ADCC Infocad) were locked in the 20 per cent upper circuit for the second straight day, at Rs 253.25, hitting a record high on the BSE in Friday's trade.
In the past two trading days, the stock of the information technology (IT) consulting & software company has surged 44 per cent after the announced acquisition of Allygrow Technologies Private Limited, a technology driven company having presence in US, Europe and India and specializing in product design and robotics automation (manufacturing engineering) services.
Trading volumes on the counter jumped multi-fold, with 80,000 equity shares having changed hands till 11:20 am, as compared to an average sub 7,200 shares that traded in the past two weeks. There were pending buy orders for 26,224 shares on the BSE. In comparison, the S&P BSE Sensex was down 0.68 per cent at 56,925 points.
Thus far in the month of December, the market price of Ceinsys Tech has zoomed 87 per cent, as against 0.29 per cent decline in the benchmark index.
The management said the acquisition would enable expand Ceinsys business domains globally through Allygrow international presence. "Allygrow will add into the value chain of Ceinsys Tech’s offerings for its customers. The synergies expands its horizons to Automotive. Ceinsys will have a unique positioning as an Indian brand with wide exposure & competencies in AEC & Manufacturing segments," the management said.
Ceinsys Tech is a solution provider offering Geographical Information Services (GIS) and engineering solutions. The company specializes in designing, capturing, storing, manipulating, analyzing and manage all types of geographical data. Its services include GIS, Remote Sensing, LiDAR (Light Detection and Ranging), Photogrammetry, Energy System and solutions, Engineering Design Services, Surveys and Customized Application Development.
Allygrow is a technology driven organization that focuses on core engineering design, development and manufacturing engineering services.