Shares of Dynacons Systems & Solutions rocketed on Tuesday going up close to 19% to hit a new 52-week high of ₹1,123.95

What Happened: The massive surge today comes as the company informed the exchanges that it has bagged a major order from the National Bank for Agriculture and Rural Development (NABARD). The contract includes the upgradation and migration of the Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The order is worth around ₹233 crore.

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“The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states,” the company said in a press release. The project scope also includes Core Banking Solution maintenance, alongside infrastructure and network enhancements from leading technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.

The contract extends over a 5-year period, offering ongoing maintenance support to NABARD and associated state cooperative banks. This includes onsite skilled resources and committed Service Level Agreements (SLAs). Wipro had been supplying and managing the current version of the Finnacle 7.0 application for the past 10 years.

“This win will help Dynacons to become one of the leading player as a Systems Integrator in BFSI segment, ” said Parag J Dalal, executive director of Dynacons Systems said.

Price Action: Dynacons’s share price was up 15.76% to trade at ₹1,093.35 on Tuesday afternoon.

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