Latest news with #ProteaneGov
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Business Standard
20-05-2025
- Business
- Business Standard
Stock crash alert! Protean eGov can tank another 39% from here, hint charts
Shares of Protean eGov Technologies cracked another 14 per cent in opening trades on Tuesday, following the 20 per cent lower circuit yesterday, after the company lost on potential selection for the PAN 2.0 project. Protean eGov Technologies, over the weekend, informed stock exchanges that the company was not being considered for the next round of the RFP selection process for the PAN 2.0 project by the Income Tax Department. In the last four trading sessions, the stock has shed 31.6 per cent from a high of ₹1,435 on May 16. That apart, the stock has more-than-halved from its life-time high of ₹2,225 registered in August 2024. It may be recalled that Protean eGov has issued shares at ₹792 in its maiden public offer. The stock made a quiet debut on the stock exchanges, and thereafter rallied to its life-time high in August 2024. However, since then the stock has broadly witnessed downward pressure. Fo llow Stock Market Latest Updates Today LIVE Following the news, brokerage firm Equirus Securities downgraded the stock to 'Sell' with a target price of ₹900 per share. READ MORE Can the recent news flow of the company losing out a key project from the Income Tax Department further dent the stock? Here's what the technical chart suggests: Protean eGov Technologies Current Price: ₹1,046 Downside Risk: 38.8% Support: ₹925; 800 Resistance: ₹1,130 Protean eGov stock has recovered partly from its day's low of ₹981 thus far on Tuesday. Despite this, the technical chart shows that the near-term bias for the stock is likely to remain negative as long as the stock sustains below ₹1,130 levels. On the downside, the stock can potentially slide all-the-way below its issue price and test levels of around ₹640. Interim support for the stock can be anticipated around ₹925 and ₹800 levels.
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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
News18
20-05-2025
- Business
- News18
Ramesh Damani Backed Stock Protean eGov Technologies Tanks Another 13%, Falls 30% In 2 days
After plunging 20% in Monday's session, shares of Protean eGov Technologies continued their downward spiral on Tuesday, falling another 13% in early trade. The sharp sell-off comes after the company was not selected by the Income Tax Department for a major technology revamp project involving the design, development, implementation, operations, and maintenance of the PAN system. The stock, backed by veteran investor Ramesh Damani, has now shed nearly 30% over two days amid investor concerns about future growth prospects. Protean eGov shares tank 13% on Tuesday Protean eGov Technologies has seen a steep correction, with its shares plunging over 30% in the last two trading sessions. On Tuesday morning, the stock was trading around Rs 995, and if the downward momentum persists, it may soon test its 52-week low of Rs 930.
Economic Times
19-05-2025
- Business
- Economic Times
Two Sharp with ET: Defence stocks boom, Protean tanks 20%, India blocks Bangla garment imports
India's defence stocks added ₹1.8 lakh crore post-Operation Sindoor, led by IdeaForge and HAL. But Protean eGov tanked 20% after being dropped from the PAN 2.0 project. Meanwhile, India has banned land-route garment imports from Bangladesh, boosting domestic firms but raising short-term apparel prices. All of this in today's Two Sharp with Nisha Poddar. Show more 07:05 02:22 05:26 01:45 02:41 02:40 01:29 05:00 03:14 04:45 06:38 01:11 04:28 06:32 02:23 01:51 04:40 02:05 05:11 01:54 01:23 05:12 02:10 06:05 06:41 03:03 02:04 05:11 01:20 06:15 04:41 01:12 03:05 05:06 05:55 02:01 05:51 02:23 04:36 01:18
Time of India
19-05-2025
- Business
- Time of India
Two Sharp with ET: Defence stocks boom, Protean tanks 20%, India blocks Bangla garment imports
India's defence stocks added ₹1.8 lakh crore post-Operation Sindoor, led by IdeaForge and HAL. But Protean eGov tanked 20% after being dropped from the PAN 2.0 project. Meanwhile, India has banned land-route garment imports from Bangladesh, boosting domestic firms but raising short-term apparel prices. All of this in today's Two Sharp with Nisha Poddar. Show more Show less
