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GACM Technologies hits 5% upper circuit after Q1 results
Penny stock GACM Technologies hit its 5% upper circuit at Rs 0.76 on the BSE on Thursday, a day after reporting its June quarter results, Livemint reports. The stock rose despite the…
The Story in Brief
Penny stock GACM Technologies hit its 5% upper circuit at Rs 0.76 on the BSE on Thursday, a day after reporting its June quarter results, Livemint reports. The stock rose despite the Sensex declining 0.40%.
Standalone net profit for Q1FY27 fell to Rs 1.51 crore from Rs 1.57 crore quarter-on-quarter and Rs 3.03 crore year-on-year. Revenue dropped to Rs 4.10 crore from Rs 4.85 crore sequentially. The company said it moved to a zero-borrowing position in FY26 and announced a Rs 15 crore agreement with Tesync Technology. A qualified institutions placement of up to Rs 49.50 crore opened at Rs 1 per share, nearly 49% above the regulatory floor of Rs 0.67. The stock has gained 56% over the past month.
The Indian Opinion
The hype around this penny stock overlooks falling profit and revenue. An QIP priced well above the floor may signal promoter confidence or simply be a tactic to attract retail frenzy. The test will be whether Tesync’s Rs 15 crore deal actually converts into revenue and delivers new clients. Watch the QIP subscription numbers: will institutional buyers bite at Rs 1?
Source: livemint.com
This story was synthesised by AI from the source linked above.
