Ceinsys Tech Share Price Hits Life High After Rs 331.6-Crore Order From Maharashtra

Ceinsys Tech Ltd. share price jumped nearly 18% to a record high on Wednesday after the company won an order worth Rs 331.6 crore from the Maharashtra government.

The company received the letter of award from the Maharashtra state's sanitation department to supply system integrators for internet-of-things deployment, including design, implementation, and maintenance with a centralised IoT platform for Jal Jeevan Mission projects, according to an exchange filing.

The project will take two years for implementation, and the company will have five years for operations and maintenance.

Ceinsys Tech is a Nagpur-based geospatial engineering, mobility, and enterprise solutions provider. It also provides consultancy services for smart city missions, disaster management, vegetation management, and spatial data infrastructure. It has over 31,000 miles of water network designed and implemented.

In the first quarter ended June 2024, the company's consolidated net profit rose 42% to Rs 11.91 crore. Net sales were at Rs 73.84 crore, registering a growth of 37% year-on-year.

Ceinsys Tech's share price surged 17.8% to all-time high of Rs 848.48 apiece. The stock was trading 16.4% higher at Rs 838.5 by 1:50 p.m. The benchmark NSE Nifty 50 was trading 0.4% higher.

It has risen 212% in the last 12 months and 138% on a year-to-date basis. The relative strength index was at 61.