88% Return in 6 Months: THIS Penny Stock Hits Upper Circuit | Do You Own?

88% Return in 6 Months: Shares of GACM Technologies Limited rallied during Friday's intraday trading session to hit the upper circuit. The penny stock garnered heightened investor interest after the firm announced a fresh Rs 49.5 crore capital raise.

GACM Technologies' share price has delivered nearly 88% return in six months. The stock was trading 4.44% higher on Friday at 2 pm.

GACM Technologies Fund Raise Update

The technology consultancy company completed its Qualified Institutions Placement (QIP) last week, through which 49.5 crore equity shares were allotted at Re 1 per share. The Rs 49.5 crore QIP concluded on August 14 after it opened on August 13.

The firm has appointed Infomerics Valuation and Rating Limited as the Monitoring Agency for the Issue. "The Issue Size is Rs 4,950 lakhs and, in terms of Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018," stated the firm in its report.

The company executed MoU with Meridian Intelligence Private Limited earlier in August. With this, the company has planned to strengthen its presence in the software development space and unlocking new, sustainable avenues of growth-oriented revenue.

" The MoU contemplates a cooperative and coordinated working relationship between Parties and is "intended to provide the foundation and framework for any and all anticipated binding agreements relating to the development of software," stated the company in its BSE filing released on Monday."The contract value under the said understanding is Rs. 1,500 lakhs (Rupees Fifteen Hundred Lakhs only), and the arrangement shall commence upon the Effective Date stated in the agreement and shall continue until 30 September 2028, thereby providing the Company."

GACM Technologies Share Price Trend

The stock surged 4.44% to hit an upper circuit of Rs 0.94 per share on BSE. It touched an intraday low of Rs 0.92 per share. The stock has delivered 95% return in one month and around 88% return in six months. It has a return on equity (ROE) of 13.23%.

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