Shares of 3i Infotech surged up over 5% in early trade on Wednesday to hit an intraday high of ₹42.90.

What Happened: The company on Tuesday evening informed that it had received a contract from Ujjivan Small Finance Bank. The company added that the project is to provide end-user support services (Workplace Services).

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“The total contract value is approximately ₹39.55 crore plus one-time transition charges ₹35 lakhs, spread across 5 years,” the company added in an exchange filing. There is also an option to extend the contract beyond the initial five years.

The announcement helped the stock jump back in the green after closing 1.5% lower on Tuesday. The Indian Bank stock has gathered some serious steam in the past months. In the past 30 days, the stock is up over 30%. Indian Bank owns a 2.97% stake in the company.

Price Action: 3i Inoftech’s share price was up 3.33% to trade at ₹41.95 in early trade on Wednesday.

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