Shares of AGS Transact Technologies surged after the company secured a ₹58 crore contract from IndianOil to manage the prepaid card platform for its XtraPower fuel and fleet management program. The contract will run for five years and is expected to generate significant revenue for AGS.
The platform will be used at over 35,000 IndianOil fuel retail outlets, processing fuelling transactions worth more than ₹70,000 crore annually. Following the announcement, AGS Transact shares rose over 2%, trading at ₹110.00 on the NSE.
AGS Transact’s services will include developing and hosting the platform, managing IT infrastructure, providing application support, and enhancing the platform’s cybersecurity with advanced threat detection. The company will also handle card issuance for the XtraPower program.
Ravi B. Goyal, Chairman & MD of AGS Transact Technologies, expressed excitement about the partnership, stating that it aims to modernize fleet management and offer secure, innovative payment solutions across India.
