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GACM Technologies jumps after executing software development MoU
The MoU with Meridian Intelligence Private Limited is tied to a contract value of ₹1,500 lakhs and runs until September 30, 2028.
GACM Technologies shares surged on Monday, rising by 8.7% to hit the NSE upper circuit of a penny stock, after the company said it executed a memorandum of understanding with Meridian Intelligence Private Limited to strengthen its software development business.
The stock opened at ₹0.75 versus a previous close of ₹0.69 on Friday, according to LiveMint Markets, following an exchange filing dated August 3. The filing said the MoU execution is a key milestone in the company’s growth and expansion plans.
Under the understanding, the parties outlined a cooperative and coordinated working relationship to form the basis for future binding agreements related to software development. LiveMint Markets reported the contract value under the MoU is ₹1,500 lakhs, with the arrangement starting from the agreement’s effective date and continuing until September 30, 2028.
In its filing, the company said it views the collaboration as a step toward advancing its objectives and creating opportunities for mutual growth. LiveMint Markets also noted the stock has gained 53% in a week, 36% year-to-date, and 44% over the past year.