Within the final 2 days, Protean shares have misplaced over 30% of its worth and if the sharp draw back continues, the inventory could even hit its 52-week low at Rs 930. The inventory was buying and selling round Rs 995 within the opening session.
In a regulatory submitting on Sunday, the corporate stated it was knowledgeable by the Revenue Tax Division (ITD) that they haven’t been thought-about favourably for the subsequent spherical of RFP choice course of.
It stated the mission was for a expertise revamp which embrace Design, Growth, Implementation, Operations, and Upkeep of PAN methods on the Revenue Tax division. “It seems to have restricted or minimal affect on our ongoing PAN processing and issuance providers beneath the present mandate with the ITD,” the corporate stated.
Protean had participated in a bid for collection of a Managed Service Supplier (MSP) for Design, Growth, Implementation, Operations, and Upkeep of its PAN 2.0 Challenge.
The inventory has now given up all its good points made within the final one yr and is now down round 15% within the final 12 months. Ace investor Ramesh Damani owned a 1.05% stake within the firm on the finish of the March quarter.Institutional traders within the firm embrace Canara Financial institution (1.23%), Financial institution of Baroda (1.54%), Punjab Nationwide Financial institution (2.25%), Axis Financial institution (3.18%), and State Financial institution of India (4.93%).Trendlyne information exhibits that the inventory now has 2 purchase calls and one promote name with the common goal worth at Rs 1,896, indicating an upside potential of about 66%.
