3i Infotech shares in news today as IT firm wins contract worth Rs 39.55 crore

Shares of 3i Infotech Ltd are in news today after the IT firm said it won a contract from Ujjivan Small Finance Bank, for end-user support service (workplace services). The value of the contract is Rs 39.55 crore plus one-time transition charges of Rs 35 lakh. The contract is for five years starting from October 1, 2023 to September 30, 2028, with an option to extend the contract with mutual agreement.

Shares of 3i Infotech ended 1.60% lower at Rs 40.53 on Tuesday against the previous close of Rs 41.19 on BSE. The market capitalisation of 3i Infotech fell to Rs 683.48 crore on BSE. A total of 2.02 lakh shares of the firm changed hands amounting to a turnover of Rs 83.13 crore. The stock has a beta of 0.8, indicating very low volatility in a year.

In terms of technicals, the relative strength index (RSI) of 3i Infotech stock stands at 64.3, signaling it's trading neither in the overbought nor in the oversold zone. Shares of 3i Infotech stand higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In the first quarter of this fiscal, the firm’s loss widened to Rs 15.6 crore against a loss of Rs 1.5 crore in the April-June quarter a year ago.

However, revenue from operations surged 8% to Rs 194.4 crore against Rs 180.1 crore revenue in the corresponding period of last fiscal.

The firm logged an operating loss of Rs 3.5 crore in Q1 compared to a profit of Rs 6.5 crore in the year-ago quarter.

3i Infotech is engaged in providing computer programming, consultancy, and related activities. Its segments include IT solutions and transaction services. The IT Solutions segment comprises of cloud computing, application-automation analytics (AAA), platform solutions (BPaaS, KPaaS, GRC), infrastructure management services, application development, digital transformation consulting and NextGen business services (5G, SASE, Edge Computing, Cognitive Computing, IIoT, Cyber Security Services).

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