Dynacons Systems share price jumped nearly 7% on Thursday after the IT services company announced that it has secured ₹51.28 crore worth additional orders for Advanced Core Banking as a service solution along with allied applications for State and District Co-operative Banks.
The smallcap stock rallied as much as 6.68% to ₹1,045.70 apiece on the BSE.
Technology solutions provider Dynacons Systems & Solutions said it received additional orders valued at ₹51.28 crore (all inclusive) from the State and District Co-operative Banks which are under the aegis of NABARD.
This contract builds on the company’s successful collaboration with NABARD and covers the Advanced Core Banking as a Service Solution and other Allied Applications based on Infosys Finacle 10.2.25, utilizing the Application Service Provider (ASP) model.
NABARD had brought rural cooperative banks under a common technology platform in order to make the credit delivery system faster and easier as also to incubate financial inclusion initiatives.
“The proposed solution CBS (Finacle 10.2.25) will be implemented on Dynacons Cloud, which includes the deployment of hardware, database, middleware, network components, project management, third-party utilities, and a comprehensive testing phase. The project will be for a five year duration and also includes extensive maintenance support with dedicated onsite skilled resources and adherence to stringent SLAs,” Dynacons Systems & Solutions said in a regulatory filing on August 20.
The present orders also include the order from the Himachal Pradesh State Cooperative Bank Ltd. with its Head Office at Shimla. The present order covers the implementation of Core Banking as a Service Solution across the network of 262 branches & 10 admin offices, it added.
Dynacons Systems Share Price Performance
Dynacons Systems share price has declined 4% over the past month and is down 15% in the last three months. The smallcap stock has slipped 8% over six months and has fallen 36% on a one-year basis.
However, despite the recent weakness, Dynacons Systems share price has delivered stellar long-term returns. The IT stock has surged 3,360% over the past five years and has skyrocketed nearly 7,000% in the last decade, making it a multibagger for long-term investors.
At 2:00 PM, Dynacons Systems share price was trading 1.94% higher at ₹999.20 apiece on the BSE.