Micro-Cap Stock Jumps 5% After Winning Government Contract

Shares of Aksh Optifibre surged up over 5% on Thursday afternoon after the company announced bagging a government contract.

What Happened: The company informed the exchanges that it had received a work order for the conversion of existing HPSV and normal LED lighting systems into smart LED lighting systems. The order is from the Jaipur Development Authority.

In this project, initially, Aksh shall replace 5000 HPSV and LED lights with smart LED lights with ILC and maintain the project for three years. The project has to be executed within a period of four months i.e. by Jan. 26 2024.

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The cost of the project is around ₹13.43 crore. Shares of the company received a sharp bum as soon as the announcement was made at around 12:30 p.m. With a market cap of around ₹190 crore, the micro-cap company is a manufacturer of optical fibre and optical fibre cables.

The company has also forayed into smart city projects. As per the company’s website, it is entitled to manage and maintain the Jaipur smart city network for five years.

Price Action: Shares of Aksh traded 3.13% higher at ₹11.55 on Thursday afternoon.

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