A penny stock under ₹1 hit its 5% upper circuit in intraday trade on the BSE on Thursday, 13 August, despite muted trend on Dalal Street.
While market benchmark Sensex declined by 0.40% during the session, penny stock GACM Technologies jumped 5% to hit its upper price band of ₹0.76, a day after it reported its June quarter results.
GACM Technologies Q1 results
GACM Technologies’ standalone net profit for Q1FY27 stood at ₹1.51 crore compared to ₹1.57 crore QoQ and ₹3.03 crore YoY.
Revenue from operations for the quarter under review came at ₹4.10 crore compared to ₹4.85 crore QoQ and ₹5.87 crore YoY.
The company said it has effectively moved to a zero-borrowing position in FY26, removing a layer of financial pressure that existed in earlier years.
GACM has disclosed a ₹15 crore agreement with Tesync Technology covering joint development and support of IT and ITES solutions, including SMS, voice and data applications and gateway services. The agreement runs until 30 September 2027, giving the company a longer-duration technology engagement rather than a one-off headline order.
GACM Technologies fundraising
Meanwhile, the company, on 13 August, announced the opening of the qualified institutions placement (QIP) of shares of face value of ₹1 each, for an aggregate amount of up to ₹49.50 crore.
GACM’s exchange filing says that the regulatory floor price for the issue was ₹0.67 per share under the SEBI ICDR pricing formula. The company, however, chose to price the QIP at ₹1, which is approximately 49% above the regulatory floor, rather than use the permissible discount. The company said the pricing reflected the committee’s conviction in its intrinsic value and growth trajectory.
GACM said it has previously secured approval for a much larger overall fundraising capacity of up to ₹400 crore, meaning the current ₹49.50 crore QIP represents only a portion of the capital-raising framework available to the company, subject to future approvals, market conditions and execution.
GACM Technologies share price trend
GACM Technologies share price has jumped 56% over the last month despite stock market volatility.
The stock hit a 52-week low of ₹0.40 on 30 March this year after hitting a 52-week high of ₹0.94 on 24 September last year.
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