Protean eGov crashes 50% from peak.Should you hold or exit this Ramesh Damani stock?
ADVERTISEMENT On Monday, the stock hit a 52-week low of Rs 785 on the NSE, just five months after touching a high of Rs 1,535 on February 6 this year.
Although the stock has posted gains of over 3% on a closing basis over the past two trading sessions, the rally is not strong enough to suggest a recovery.
Market expert Drumil Vithlani believes Protean eGov Technologies continues to exhibit a weak structure, consistently forming lower highs and lower lows on the hourly chart. "In the previous sessions, the stock marked a fresh low near Rs 785, from which a technical bounce was observed. However, despite this rebound, the broader outlook remains negative as long as the stock stays below its 20 EMA," said the Technical Research Analyst at Bonanza."The RSI had slipped into oversold territory, which justified the short-term recovery seen today (Wednesday). Going forward, Rs 785 remains a key level to watch. A breakdown below this support could accelerate the decline toward Rs 760 and Rs 750, respectively," he warned, while recommending that traders remain cautious and avoid fresh long positions until a sustained move above short-term averages is confirmed.
Also Read: Ace investor Mukul Agrawal trims stake in two smallcaps in June quarter. Here's how these stocks have performed
ADVERTISEMENT Echoing a similar sentiment, Anuj Gupta, Director at Ya Wealth Global Research, said that Protean eGov is technically looking weak as prices are forming a lower top–lower bottom formation.However, Gupta is not ruling out the possibility of short covering, given that the stock is in an oversold zone. "One can wait for some time before adding a position. Only if it trades and closes above Rs 900 levels can it trigger fresh buying. Strong support is seen at the Rs 780 level," the analyst said.
ADVERTISEMENT Protean is an Indian technology company headquartered in Mumbai. It focuses on developing digital public infrastructure and e-governance initiatives for various governmental bodies in India.The company reported a consolidated net profit of Rs 20 crore in the quarter ended March 31, marking a 6% year-on-year growth. Meanwhile, the topline stood at Rs 239 crore, reflecting a 1.5% increase over the corresponding quarter of the previous financial year.
ADVERTISEMENT Also read: Ashish Kacholia-backed Balu Forge stalls after 720% IPO rally. Time to re-enter?
Protean eGov Technologies stock received analysts downgrades after the company failed to get the government's PAN 2.0 project.Gupta called this a major setback for the company, attributing this factor to the sharp decline in the stock price.
ADVERTISEMENT Following the development, Anand Rathi in May had released a note saying that PAN 2.0 rollout was unlikely to disrupt existing issuance in the near term. It had then recommended a 'Buy' rating on the stock for a price target of Rs 1,455. The share was then trading around Rs 1,004 and has witnessed a decline.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
(You can now subscribe to our ETMarkets WhatsApp channel)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
a few seconds ago
- Time of India
Supply of ethanol-blended petrol jumps more than 4-fold in four years
The ethanol-blended petrol supplied at the retail outlets of the public sector oil companies such as Indian Oil and Bharat Petroleum has shot up from 173 crore litres in Ethanol Supply Year (November-October) 2019-20 to more than 700 crore litres in Ethanol Supply Year (ESY) 2023-24, while there has also been a corresponding increase in blending percentage from 5 per cent in ESY 2019-20 to approximately 14.6 per cent in ESY 2023-24, the Parliament was informed on Monday. Further, for the ongoing Ethanol Supply Year (ESY) 2024-25, as of June 30, 2025, a total of 661.06 crore litres of ethanol has been blended with petrol, achieving a blending percentage of 18.93 per cent, Minister of State for Petroleum and Natural Gas Suresh Gopi told the Rajya Sabha in a written reply to a question. During the month of June 2025, ethanol blending of 19.92 per cent has been achieved. All retail outlets of Public Sector Oil Marketing Companies across the country, having petrol selling facilities, dispense E20 petrol, the minister added. Highlighting India's achievements in the biofuels sector, Petroleum Minister Hardeep Singh highlighted that nearly 20 per cent ethanol blending has been achieved in 2025, a significant rise from 1.53 per cent in 2014. This accomplishment has resulted in Rs 1.4 lakh crore in foreign exchange savings, substitution of 238 lakh metric tonnes of crude oil, a reduction of 717 lakh metric tonnes in CO2 emissions, and direct payments of Rs 1.21 lakh crore to farmers. Farmers have gained as the sugar mills that are also producing ethanol can now afford to pay higher prices for sugarcane and clear pending dues in time. Encouraged by the performance, the government decided to advance the target of 20 per cent ethanol blending in petrol from 2030 to ESY 2025-26. In order to achieve the 20 per cent ethanol blending target by ESY 2025-26, the government has taken several measures which include a detailed Roadmap for Ethanol Blending in India, expansion of feedstock for the production of ethanol, remunerative price for procurement of ethanol under the EBP Programme, lowering of the GST rate to 5 per cent on ethanol for EBP Programme, and an amendment in the Industries (Development & Regulation) Act for free movement of ethanol across states for blending. An interest subvention scheme for enhancement and augmentation of ethanol production capacity in the country; regular floating of Expression of Interest (EoI) by Public Sector oil marketing companies for procurement of ethanol has also been undertaken.
Mint
a few seconds ago
- Mint
AIIB in talks with India on sovereign infrastructure project pipeline
New Delhi: Beijing-based Asian Infrastructure Investment Bank (AIIB), in which India is the second largest shareholder after China, is holding discussions with the Central and state governments as well as Indian industry to finance a robust pipeline of sovereign and private sector projects, AIIB vice president Ajay Bhushan Pandey said on Tuesday. The development bank is working towards stepping up annual project financing from about $10 billion last fiscal to $17 billion over the next few years. Pandey, who is on a visit to India, said AIIB finances projects not only in traditional infrastructure, but also in digital public infrastructure, data centres, digital communication, affordable housing, health and education. AIIB already has deployed $12 billion in India, of which $1.8 billion is in the private sector. It has a loan book of about $60 billion and is aiming to step this up. 'We will closely engage with government of India, the state governments and the private sector in India,' Pandey, who had previously served as India's finance secretary and as the chairperson of audit regulator National Financial Reporting Authority (NFRA), told reporters on the sidelines of an interaction with industry leaders organized by the Federation of Indian Chambers of Commerce and Industry (FICCI). 'We will work with all line-ministries to create a very sound pipeline of sovereign projects. Similarly, we will work with private sector players to create the pipeline of the projects where we can finance through all the options that are available". Pandey explained that AIIB's message to the Central ministries and state governments is this, 'This is your bank and you must make optimum use of the resources available.' 'Yesterday we had a detailed meeting with the secretary, Department of Economic Affairs, and secretary, Department of Water Resources, River Development and Ganga Rejuvenation on the water sector, including revival of many dams, the Namami Gange project and the inter-linking of rivers. We are going to have discussions with the ministries of health and power and then with the Honourable chief minister Maharashtra and state officials to discuss building a pipeline of infrastructure projects both in public andprivatesector,' said Pandey. Besides China and India, the other leading shareholders in the banks set up a decade ago are Russia, Germany and South Korea. The multilateral bank with 110 member-nations is making a strong foray into development financing as emerging economies need to invest heavily for development, especially to transition to less-carbon intensive economies. According to a Deloitte India report released earlier this month, titled 'The climate response: Tapping into India's climate and energy transition opportunity,'India would require a $1.5-trillion investment by 2030 across key areas to address the climate challenge at scale. The investments will be driven by India's efforts towards renewable energy, biofuels, decarbonization and sustainable infrastructure to combat climate change, the report said. In 2021, India committed to achieving net zero emission by 2070.
News18
8 minutes ago
- News18
Odisha demands Rs 3,069 crore from Centre under RDSS
Agency: Bhubaneswar, Jul 29 (PTI) The Odisha government on Tuesday urged the Centre for early sanction of Rs 3,069 crore under the Revamped Distribution Sector Scheme (RDSS). Deputy Chief Minister K V Singh Deo has raised this demand before Union Power Minister Manohar Lal during his meeting in New Delhi, an official statement said. The Centre had launched the RDSS with an aim to reduce the aggregate technical and commercial (AT&C) losses to pan-India levels. Under the scheme, financial assistance to power distribution companies is provided for upgradation of the distribution infrastructure and for prepaid smart consumer metering and system metering based on meeting pre-qualifying criteria and achieving basic minimum benchmark in reforms, officials said. As Odisha frequently faces natural disasters like cyclones and floods, the Coalition for Disaster Resilient Infrastructure (CDRI) has proposed the creation of disaster-resilient power infrastructure with selective underground cabling, especially 30 km from the coastline, the statement said. Therefore, Odisha urgently needs central financial assistance for disaster-resilient power infrastructure, Singh Deo said. Considering the rising demand for power, he urged Lal for the allocation of 800 megawatt (MW) power from NLC Talabira Phase-II project in addition to the 400 MW already allocated in Phase-I to Odisha. It would bring the total share to 1,200 MW from 3,200 MW total project capacity, the statement said. PTI BBM BBM RG view comments First Published: July 29, 2025, 20:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
