Shares of Kellton Tech bumped up sharply on Monday after the company announced bagging the contract from India’s biggest insurer. The micro-cap stock jumped up over 16% to hit a new 52-week high of ₹108.60

What Happened: Life Insurance Corporation of India has selected Kellton Tech Solutions as its strategic HR Management Systems (HRMS) partner to spearhead the digital overhaul of LIC’s HR technology across its vast network.

Kellton in a press said that the contract was a multi-year project for the roll-out of advanced HR tech across over 4,000 LIC offices. This venture will influence over 1.5 lakh LIC staff, equipping them with state-of-the-art HR solutions designed to boost efficiency and performance.

See Also: This Tata Stock Has Surged 25% This Year, Analysts See Further 17% Rally

The partnership will enable Kellton to utilize the advanced capabilities of PeopleStrong’s product to revolutionize the HRMS landscape. “This exhaustive system aims at every aspect of HR operations – from
recruitment to retirement, aiming to transform the management of LIC's vast employee and retiree
base,” the company added in the press release.

Karanjit Singh, CEO, APAC, Kellton, expressed his delight at being chosen by LIC for their digital transformation journey. He pointed out that Kellton’s expertise in deploying the SaaS-based HRMS solution has enabled them to secure a contract of such global magnitude.

Price Action: Shares of Kellton Tech were trading 11.88% higher at ₹104.55 on Monday afternoon.

Read Next: How To Check Doms Industries IPO Allotment Status