Shares of this microcap company locked 5 percent upper circuit in Thursday’s trading session after entering into a partnership with an Israel-based network security company.
Price Movement;
With a market capitalization of Rs. 335 crores, the shares of Esconet Technologies Ltd started Thursday’s trading session on a higher note at Rs. 270.90, locking a 5 percent upper circuit compared to its previous close of Rs. 258 apiece.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced that it had entered into partnership with partnership with Cato Networks, a tech unicorn and a global leader in Secure Access Service Edge (SASE) technology, to offer Cato’s cloud-based security services to its customers in India.
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Financials:
Looking at the company’s financial statements, the revenue zoomed by 45 percent from Rs. 97 crores during FY22-23 to Rs. 141 crores in FY23-24. In addition, the net profits surged by 67 percent from Rs. 3 crores to Rs. 5 crores during the same period.
Collaboration with NVIDIA:
Esconet introduced its brand, HexaData, specializing in high-performance Servers, Workstations, and storage systems in collaboration with NVIDIA. These machines are engineered to handle the most technical, data-intensive tasks, essentially bringing the capabilities of a supercomputer into a single uni.
Customer Base:
Esconet Technologies’s customer base includes the Ministry of Defence, Indian Institute of Technology, Indraprastha Institute of Technology Limited, Bharat Electronics Limited, Oil & Natural Gas Commission Limited and many more.
Moreover, the company also offers cloud-based services through its subsidiary ZeaCloud Services catering to various business needs, e.g. disaster recovery services, managed cloud services, private cloud, and DaaS services.
Shareholding Pattern:
According to the latest shareholding pattern, the Promoters control 64.94 percent of the stakes, while FIIs hold 5.20 percent, DIIs own 2.68 percent, and retail investors account for the remaining 27.18 percent of the stakes.
Company Profile:
Headquartered in New Delhi, Esconet Technologies Limited provides high-end supercomputing solutions and data centre facilities that include storage servers, network security, virtualization, and data protection.
Written By Vaibhav Patil
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