Penny stock below Re 1 hits upper circuit after THIS acquisition update
GACM Technologies share price hit 5% upper circuit on Wednesday after the company announced the acquisition of 30% stake in education technology firm WEXL Edu Private Limited. The penny stock was locked-in at 5% upper circuit of ₹ 0.99 apiece on the BSE.
GACM Technologies said it has entered into a definitive agreement to acquire a 30% equity stake in WEXL Edu Pvt Ltd, an emerging AI-driven EdTech and education data company with rapidly expanding government and institutional presence.
WEXL is an education technology firm engaged in delivering AI-enabled academic solutions across India. It focuses on scalable, personalized learning and assessment platforms with national-level implementation potential.
It has over ₹ 30 crore confirmed order book including ₹ 25 crore from Delhi Government and ₹ 5 crore from Tamil Nadu Government, GACM Technologies said in a regulatory filing on June 25.
The transaction delivers multiple strategic and financial advantages to GACM Technologies, including diversification into High-Growth EdTech Sector, access to Nation-Scale Opportunities, IP-Driven expansion strategy, financial upside from margins and scale, and alignment with National Digital Vision.
WEXL's operating margins in secured projects exceed 80%, and the company runs an extremely lean model with scalable digital delivery infrastructure, GACM Technologies said.
GACM Technologies share price has gained 25% in one month and more than 52% in three months. On a year-to-date (YTD) basis, the penny stock has rallied 27%, while it has fallen 5% in the past one year. However, GACM Technologies shares have jumped 68% in three years and delivered multibagger returns of 120% in the past five years.
At 12:35 PM, GACM Technologies share price was still locked at 5% upper circuit of ₹ 0.99 apiece on the BSE.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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