Cosyn gains nearly 900% in last 15 months on high volumes

Mumbai: Shares of Cosyn Ltd gained nearly 900% in the last 15 months on the back of higher volumes. The stock was trading at an eight-and-half-year high on Thursday.

In intraday trade, the stock reached a high of ₹ 84.50 a share, a level last seen on 4 March 2008, and gained as much as 2.8% from its previous close.

The stock hit a low of ₹ 8.55 on 26 June 2015 and since then has gained 888.3%. So far this year, it has gained 142%. India’s benchmark Sensex Index rose 1.14% to 28,831.79 points.

On 12 September, the company said in a notice to BSE that the company in consortium with two Oman-based companies got an order in the utilities space worth ₹ 75 crore. The duration of the project is four years. The order requires formation of a joint venture for which discussions are taking place.

In the June quarter, the company reported a net profit of ₹ 1.70 crore, up 161.5% from ₹ 65.15 lakh a year ago. Net sales rose 36.45% to ₹ 8.19 crore.

Cosyn offers information technology (IT) and IT-enabled services. The company provides business differentiation solutions to its clients in utilities ITES, e-governance, and data and information management such as document design and digitization, data processing, domain consultancy, database migration, application development and data mining services.