GACM Technologies hits upper circuit after Rs 49.5 crore QIP

GACM Technologies Ltd, a penny stock trading under Re 1, hit its 5% upper circuit for the 12th straight session on Friday, opening at Rs 0.91 on the NSE. The stock's sustained rally comes despite muted trends on Dalal Street and has brought it close to its 52-week high of Rs 0.93.

The stock has drawn market attention after the company raised Rs 49.50 crore through a Qualified Institutions Placement (QIP), allotting 49.50 crore equity shares at Re 1 each. Four overseas funds, Minerva Ventures Fund, Magnifica Global Opportunities VCC, MGO High Conviction Fund, AL Maha Investment Fund PCC, Onyx Strategy, and Ebisu Global Opportunities Fund, participated in the issue. The Hindu Businessline reports that the company said the capital will strengthen its financial position and support strategic initiatives.

Livemint adds that GACM's FY26 consolidated revenue grew over 57% and profit after tax rose over 108%, with 12 consecutive profitable quarters. The company also holds a 30% stake in an AI-EdTech business that has reported confirmed orders worth over Rs 30 crore, including Rs 25 crore from the Delhi government and Rs 5 crore from the Tamil Nadu government.