Dynacons Systems shares rise 19% as firm secures contract from NABARD

Shares of Dynacons Systems & Solutions Ltd rose 19% to a record high in the afternoon session today after the IT services firm won a contract worth Rs 233 crore for core banking solution upgradation & migration on ASP model from  National Bank for Agriculture and Rural Development (NABARD).

Dynacons Systems shares climbed 18.99% to a high of Rs 1123.90 on BSE. Market cap of the firm rose to Rs 1,422.85 crore. A total of 0.40 lakh shares of the lender changed hands, amounting to a turnover of Rs 4.23 crore on BSE. The stock hit a 52-week low of Rs 356.50 on April 18, 2023.
 
The IT stock is trading neither in the oversold zone nor in the overbought zone with its relative strength index (RSI) at 53.5.

"The upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. e Deploy comprehensive suite of services, encompassing consultancy, implementation, customization, and ongoing support e Core Banking Solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from leading technology vendors such as HPE, Oracle, Fortinet, Array, and Versa," said Dynacons Systems.

Dynacons Systems is engaged in a comprehensive array of IT infrastructure activities, spanning from intricate infrastructure design and consultative services to intricate systems integration, and the establishment of extensive network and data centre infrastructures, complete with the provision of associated hardware and software resources.