Sahana Systems shares locked in 5% upper circuit on bagging two orders

Sahana Systems has been on an upper circuit for the ninth consecutive session, especially since the announcement of quarterly earnings on October 23.

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Shares of Sahana Systems were locked in five percent upper circuit on November 3 as the Gujarat-based company received two purchase orders.

The information technology company in its NSE filing said it has received a purchase order from Guj Info Petro, an IT solutions provider, for WatchGuard M290 hardware appliance with 3 years basic security
software suits with onsite supply, installation and technical support.

Further, Sahana Systems has also entered into a service agreement with Go Knit Inc for providing software platform/software support and services. The said contract is for a minimum of three years.

The stock has been on an upper circuit for the ninth consecutive session, especially since the announcement of quarterly earnings on October 23. It settled at Rs 445.75, up five percent with volume of 15,000 shares on the NSE. The stock surged 78 percent since the start of last week.

Sahana Systems has recorded a good set of numbers for the six-month period ended September FY24, with consolidated profit rising sharply by 143 percent year-on-year to Rs 4.5 crore and revenue from operations growing 236 percent to Rs 24.2 crore.

On a sequential basis, the net profit grew by 3.9 percent and revenue increased 42.5 percent, the Ahmedabad software solutions company said.