In the early trade on November 17, AGS Transact Technologies witnessed a remarkable surge of 12.32%, reaching approximately Rs 88, following the announcement of a significant order win.
The company disclosed a substantial order worth Rs 1,100 crore over a span of seven years for the deployment of more than 2,500 ATMs. State Bank of India (SBI) awarded this order under the Outsourced/Managed Services portfolio. The share price touched a 52-week high of Rs 86.84 on the BSE in response to this positive development.
Under the Total Outsourcing Model, AGS Transact Technologies will deploy these ATMs on a Transaction fee basis, with the deployment set to commence in the upcoming calendar year.
As of September 30, 2023, the company has a robust presence, having installed, managed, or maintained 77,658 ATMs/CRMs across 2,200 cities and towns in India.
Stanley Johnson, Executive Director at AGS Transact Technologies, expressed excitement about the order win, emphasizing its significance in strengthening the Payment Solutions business segment. He highlighted that Securevalue India, the company’s cash management subsidiary, will play a crucial role in servicing a substantial number of ATMs under this order.
This achievement follows AGS Transact Technologies’ earlier win of an order for 1,350 ATMs from SBI in the Banking Automation Solutions portfolio. SBI plans strategic pan-India deployment of these AGS-branded ATMs during FY24.
Despite reporting a net loss of Rs 60.90 crore in the quarter ending September 2023, AGS Transact Technologies shares were trading at Rs 88.00 as of 12:56 pm, marking a 12.32% increase.