Eraaya Lifespaces share price was locked in the 2% upper circuit for the second consecutive session on Friday, driven by strong buying interest. The small-cap stock rose 2% to ₹50.67 apiece on the BSE.
The latest gains in Eraaya Lifespaces shares comes after the company announced that its Indian subsidiary Ebix Technologies has won ₹140 crore-order from MSRTC.
Ebix Technologies (formerly known as EbixCash), has secured a ₹140 crore contract with the Maharashtra State Road Transport Corporation (MSRTC) for the first statewide rollout of the National Common Mobility Card (NCMC) for concessionaires in India, Eraaya Lifespaces said in a release.
The newly awarded NCMC program expands this partnership with a focus on smart, interoperable payments. The National Payments Corporation of India (NPCI) spearheads this initiative in collaboration with the Ministry of Housing and Urban Affairs to enable passengers to use a single smartcard across multiple transport modes, creating a truly integrated mobility ecosystem, it added.
Key highlights of the project include the mandatory adoption of the NCMC smartcard for all concessional passengers and pass holders on MSRTC buses. A minimum business assurance of 70 lakh NCMC cards sold in the first year alone, scaling to over 2 crore cards.
It also includes facilities for card top-ups, use of advanced Aadhaar-based authentication APIs, and the expected transaction volumes exceeding ₹2,000 crore annually once fully operational.
Ebix Technologies had earlier been awarded a contract on 30 November 2022 to supply and maintain 38,622 Android-based Electronic Ticketing Machines (ETMs) integrated with an online reservation system.
It has successfully facilitated the issuance of approximately 220 crore passenger tickets in the past two years. This network spans MSRTC’s fleet of over 16,000 buses, serving more than 13 crore passengers monthly across urban and rural Maharashtra.
Eraaya Lifespaces Share Price Performance
Eraaya Lifespaces share price has gained 15% in one month and 8% in three months. The smallcap stock has declined 61% in six months and has dropped 56% on a year-to-date (YTD) basis. However, Eraaya Lifespaces share price has delivered multibagger returns of 3,890% in two years and a staggering 6,568% in five years.
At 11:40 AM, Eraaya Lifespaces share price was still locked in at 2% upper circuit of ₹50.67 apiece on the BSE.
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