Latest news with #PAN2.0Project
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Business Standard
20-05-2025
- Business
- Business Standard
Protean eGov Tech shares slide another 14%; stock drops 30% in 2 sessions
Shares of Protean eGov Technologies fell another 14 per cent on Tuesday, extending the previous day's 20 per cent decline, after its bid for the PAN 2.0 project was rejected. Protean eGov Technologies' stock fell as much as 14.18 per cent during the day to ₹981 per share, the lowest level since June 2024. This compares to a 0.18 per cent advance in BSE Sensex as of 10:00 AM. Shares of the company were locked in a 20 per cent lower circuit on Monday and have fallen 30 per cent in the last two sessions. The scrip has fallen 46 per cent this year, compared to a 4.8 per cent fall in the benchmark BSE Sensex. Protean eGov has a total market capitalisation of ₹4,242.56 crore. Track LIVE stock market updates here Protean eGov: Key trigger for stock rout In a filing with the stock exchange on Sunday, the company disclosed that it was not selected by the Income Tax Department to proceed to the next stage of the Request for Proposals (RFP) process for the PAN 2.0 Project. Protean eGov had submitted a proposal in response to the Income Tax Department's RFP for appointing a managed service provider (MSP) to handle the design, development, rollout, operations and upkeep of the PAN 2.0 project. The company noted that, at present, this development is expected to have minimal or no significant effect on its current PAN processing and issuance operations under the existing agreement with the department. Protean eGov: Analysts rating Equirius Securities on Monday downgraded the stock to 'sell' with a target price of ₹900 per share. Meanwhile, out of the six analysts tracking the company, four have a 'buy' rating, one suggests 'hold', and another has a 'sell' call on the stock, according to Bloomberg data. About Protean eGov It offers a wide range of services, including e-taxation, digital identity management, online payments, and data management for government entities. Protean is involved in building secure, scalable digital infrastructures that streamline government operations and improve citizen engagement. The company also collaborates with both public and private sectors to implement large-scale digital platforms and solutions aimed at transparency and efficiency. Its initiatives support various sectors such as education, healthcare, and welfare, contributing significantly to India's digital transformation. Track LIVE stock market updates here
Time of India
20-05-2025
- Business
- Time of India
Protean eGov Technologies shares plummet 30% after not being selected for PAN 2.0 project of Income Tax Department
Protean share price crash: shares plunged another 13% on Tuesday morning, following Monday's 20% drop. The significant decrease came after the did not select the company, in which notable investor holds stakes, for their systems technology upgrade project. Tired of too many ads? go ad free now The company's shares have crashed by more than 30% over two trading sessions. With continued downward pressure, the stock could potentially reach its 52-week low of Rs 930, according to an ET report. During the opening trading session, the shares were valued at approximately Rs 995. At 11:24 AM, shares of Protean eGov Technologies were trading at Rs 1,073.20, down Rs 70 or 6.12%. The company disclosed through a regulatory filing on Sunday that the Income Tax Department had not selected them for the next phase of the RFP selection procedure. The filing detailed that the project encompassed "Design, Development, Implementation, Operations, and Maintenance of PAN systems at the Income Tax department". The company stated, "It appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the ITD." Protean submitted a proposal to be considered as a Managed Service Provider (MSP) for the design, implementation, operation and maintenance responsibilities of their PAN 2.0 Project. The share price has declined, erasing its previous year's positive performance, resulting in a 15% decrease over the past 12 months. Notable investor Ramesh Damani maintained a 1.05% ownership position in the organisation as of March quarter's end. The company's institutional shareholders comprise several major banks: Canara Bank (1.23%), Bank of Baroda (1.54%), Punjab National Bank (2.25%), Axis Bank (3.18%), and State Bank of India (4.93%).
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Business Standard
19-05-2025
- Business
- Business Standard
Protean eGov Tech shares crash 20% in worst-ever session; here's why
Protean eGov Technologies' stock fell as much as 20 per cent during the day to ₹1,143.05 per share, its worst ever intraday session so far SI Reporter Mumbai Shares of Protean eGov Technologies Ltd plunged 20 per cent, hitting the lower circuit on Monday, after the Income Tax Department rejected its bid for the Managed Service Provider (MSP) contract under the PAN 2.0 project. Protean eGov Technologies' stock fell as much as 20 per cent during the day to ₹1,143.05 per share, its worst ever intraday session so far, since its listing in November 2023. This compares to a 0.04 per cent advance in BSE Sensex as of 11:00 AM. Shares of the company ended a five-day rally on Monday and are currently trading at the lowest level since June 2024. The stock has fallen 41 per cent this year, compared to a 5.3 per cent fall in the benchmark BSE Sensex. Protean eGov has a total market capitalisation of ₹4,634.87 crore. Why Protean eGov shares crashed? In an exchange filing on Sunday, the company said that the Income Tax Department did not consider it favourably for the next round of the Request for Proposals (RFP) selection process for the PAN 2.0 Project. Protean eGov had participated in the income tax department's RFP for the selection of a managed service provider (MSP) for the design, development, implementation, operations and maintenance of its PAN 2.0 project. The said project, at present, appears to have limited or minimal impact on the ongoing PAN processing and issuance services under the existing mandate with the ITD, it said in the statement. Protean eGov Q3 results recap Protean eGov Technologies' net profit declined 18.22 per cent to ₹22.93 crore in the third quarter of the financial year 2024–25 (Q3 FY25) from ₹28.04 crore in the previous quarter (Q2 FY25). Revenue from operations fell 7.91 per cent to ₹202.31 crore in Q3 FY25 compared to Q2 FY25. Profit before tax (PBT) declined 24.08 per cent to ₹28.52 crore over the same period. About Protean eGov Protean eGov Technologies is an Indian technology company focused on providing digital solutions for e-governance and enhancing public sector services. It offers a wide range of services, including e-taxation, digital identity management, online payments, and data management for government entities. Protean is involved in building secure, scalable digital infrastructures that streamline government operations and improve citizen engagement. The company also collaborates with both public and private sectors to implement large-scale digital platforms and solutions aimed at transparency and efficiency. Its initiatives support various sectors such as education, healthcare, and welfare, contributing significantly to India's digital transformation.
Time of India
19-05-2025
- Business
- Time of India
Protean eGov Technologies shares crash 20% after not being selected for PAN 2.0 project of Income Tax Department
Protean eServices participated in the competitive bidding process to become a Managed Service Provider (MSP) for the PAN 2.0 Project. (AI image) Protean share price crash : Protean eGov Technologies ' stock plummeted 20% to reach its lower circuit of Rs 1,143 on NSE following the Income Tax Department 's decision not to select the company for its PAN systems modernisation project. The scope of work encompassed designing, developing, implementing, operating and maintaining PAN systems under the PAN 2.0 project. "We were informed by the Income Tax Department (ITD) that we have not been considered favourably for the next round of the RFP selection process," Protean said in a regulatory filing on Sunday. The organisation clarified that whilst the project involved upgrading PAN systems technology at the Income Tax Department, it stated, "It appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the ITD." Protean eServices participated in the competitive bidding process to become a Managed Service Provider (MSP) for the PAN 2.0 Project. The stock's recent decline has wiped out its yearly gains. The Protean stock is now down over 4% over the previous 12 months. Notable investor Ramesh Damani maintained a 1.05% ownership position in the company during the March quarter. The company's institutional investors comprise several major banks, including Canara Bank (1.23%), Bank of Baroda (1.54%), Punjab National Bank (2.25%), Axis Bank (3.18%), and State Bank of India (4.93%), according to an ET report. Trendlyne's analysis indicates that the stock has received four 'buy' ratings from analysts, with a consensus target price of Rs 2,104, suggesting a potential upside of 47%. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
19-05-2025
- Business
- Time of India
Ramesh Damani-owned Protean shares crash 20%. Here's what went wrong in the weekend
Shares of Protean eGov Technologies crashed 20% to hit the lower circuit limit of Rs 1,143 on BSE after the company was not selected by the Income Tax Department (ITD) for its technology revamp project. The project includes the design, development, implementation, operations, and maintenance of PAN systems . 'We were informed by the Income Tax Department (ITD) that we have not been considered favourably for the next round of the RFP selection process,' Protean said in a regulatory filing on Sunday. The company noted that the project pertains to a technology revamp of PAN systems at the Income Tax Department. 'It appears to have limited or minimal impact on our ongoing PAN processing and issuance services under the existing mandate with the ITD,' it added. Protean had participated in the bid for the selection of a Managed Service Provider (MSP) for the PAN 2.0 Project. Following the decline, the stock has erased all gains made over the past year and is now down over 4% in the last 12 months. Ace investor Ramesh Damani held a 1.05% stake in the company as of the March quarter. Live Events Institutional shareholders include Canara Bank (1.23%), Bank of Baroda (1.54%), Punjab National Bank (2.25%), Axis Bank (3.18%), and State Bank of India (4.93%). According to Trendlyne data, the stock has four 'buy' recommendations, with an average target price of Rs 2,104 — implying an upside potential of 47%.
