Shares of Ceinsys Tech (formerly ADCC Infocad) were locked within the 20 percent upper circuit for the second straight day, at Rs 253.25, hitting a record high on the BSE in Friday’s trade.
In the past two trading days, the stock of the information technology (IT) consulting & software company has surged 44 percent after the announced acquisition of Allygrow Technologies Private Limited, a technology-driven company having a presence in the US, Europe, and India and specializing in product design and robotics automation (manufacturing engineering) services.
Trading volumes on the counter jumped multi-fold, with 80,000 equity shares having changed hands till 11:20 am, as compared to a mean sub 7,200 shares that traded within the past two weeks. There are pending buy orders for 26,224 shares on the BSE. As compared, the S&P BSE Sensex was down 0.68 percent at 56,925 points.
Thus far within the month of December, the market value of Ceinsys Tech has zoomed 87 percent, as against 0.29 percent decline within the benchmark index. The management said the acquisition would enable Ceinsys to expand Ceinsys business domains globally through Allygrow’s international presence. “Allygrow will add into the value chain of Ceinsys Tech’s offerings for its customers.
The synergies expand its horizons to Automotive. Ceinsys will have a novel positioning as an Indian brand with wide exposure & competencies in AEC & Manufacturing segments,” the management said. Ceinsys Tech could also be an answer provider offering Geographical Information Services (GIS) and engineering solutions. The corporation makes a specialty in designing, capturing, storing, manipulating, analyzing, and managing all kinds of geographical data.
Its services include GIS, Remote Sensing, LiDAR (Light Detection and Ranging), Photogrammetry, Energy systems and Solutions, Engineering Design Services, Surveys, and customized Application Development. Allygrow happens to be a technology-driven organization that focuses on core engineering design, development, and manufacturing engineering services.