Dynacons Systems & Solutions Ltd Share Price – NSE  /  BSE

IT - Software, Small Cap

Dynacons Systems & Solutions announced its latest achievement in securing a significant contract worth Rs. 233 crore (all inclusive) from the National Bank for Agriculture and Rural Development (NABARD). This monumental contract encompasses the upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states.

Under the terms of the contract, Dynacons will deploy its comprehensive suite of services, encompassing consultancy, implementation, customization, and ongoing support. Leveraging its domain knowledge and technical expertise, Dynacons aims to minimize disruptions to banking operations while maximizing the benefits of the new Finacle platform. The project scope includes Core Banking Solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from leading technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.

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The contract involves upgradation and migration of Core Banking Solution (CBS) from Finacle 7.0 to Finacle 10.2.25, operating on the Application Service Provider (ASP) model. The scope of the contract includes serving 1391 branches of 38 State Coop Banks across 8 states.

NABARD, the apex development bank in India dedicated to fostering rural development and agricultural growth, plays a pivotal role as a mentor and facilitator for implementing core banking solutions in the rural financial sector. This project further underscores NABARD's commitment to embracing cutting-edge solutions to enhance operational efficiency and deliver superior banking services.

Under the terms of the contract, Dynacons will deploy its comprehensive suite of services, encompassing consultancy, implementation, customization, and ongoing support. Leveraging its domain knowledge and technical expertise, Dynacons aims to minimize disruptions to banking operations while maximizing the benefits of the new Finacle platform.

The project scope includes core banking solution upgrade, migration, and maintenance, alongside infrastructure and network enhancements from leading technology vendors such as HPE, Oracle, Fortinet, Array, and Versa.

The proposed solution entails implementing CBS (Finacle 10.2.25) in NABARD Data Centre, Disaster Recovery Centre, and associated banks, including all necessary hardware, database, middleware, network components, third-party utilities, and testing.

The contract spans over 5 years, with ongoing maintenance support provided to NABARD and associated state cooperative banks, featuring onsite skilled resources and committed Service Level Agreements (SLAs).

Furthermore, this contract is structured on an Operating Expense (OPEX) basis, ensuring recurring revenue streams throughout the duration of the agreement. Additionally, other cooperative banks associated with NABARD can also place their order and participate in this initiative.

Parag J Dalal, executive director of Dynacons Systems & Solutions, said: We are delighted to collaborate with NABARD in this transformative journey towards digital modernization.

We are fully committed to leveraging our expertise to ensure the seamless upgradation and migration of core banking solution, enabling NABARD to achieve its strategic objectives efficiently. This win will help Dynacons to become one of the leading player as a Systems Integrator in BFSI segment.”

Dynacons Systems & Solutions (DSSL) is an IT infrastructure company providing systems integration, networking solutions, facility management services, security solutions, and software services.

The company’s consolidated net profit surged 74.63% to Rs 13.15 crore on a 31.93% increase in revenue to Rs 226.86 crore in Q3 FY24 over Q3 FY23.

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Dynacons Systems & Solutions has allotted 20,050 equity shares under ESOP on 29 March 2024. With this allotment, the paid up capital of the Company has increased to Rs. 12,71,31,300/- divided into 1,27,13,130 equity shares of face value of Rs. 10/- each.

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The domestic equity benchmark traded in a narrow range in afternoon trade. The Nifty hovered above the 22,150 mark. Oil & gas, realty and auto shares advanced while FMCG, PSU bank and IT stocks edged lower.

At 13:27 IST, the barometer index, the S&P BSE Sensex was up 580.96 points or 0.80% to 73,047.72. The Nifty 50 index gained 166.25 points or 0.76% to 22,169.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% and the S&P BSE Small-Cap index gained 1.09%.

The market breadth was negative. On the BSE, 1,839 shares rose and 1,925 shares fell. A total of 123 shares were unchanged.

Gainers & Losers:

Reliance Industries (up 3.63%), Bajaj Auto (up 3.04%), Maruti Suzuki India (up 2.94%) Adani Ports and Special Economic Zone (up 2.38%) and Bharat Petroleum Corporation (BPCL) (up 1.24%) major Nifty gainers.

Britannia Industries (down 1.35%), Nestle India (down 1.20%), Apollo Hospitals Enterprise (down 1.03%) Dr Reddy's Laboratories (down 0.91%) and Hero Motocorp (down 0.67%) were major Nifty losers.

Stocks in Spotlight:

Dynacons Systems & Solutions zoomed 18.61% after the company announced that it has been awarded a significant contract worth Rs 41.72 crore by the National Payments Corporation of India (NPCI) for a Data Centre Tech Refresh initiative.

Wockhardt locked in upper circuit of 5% after pharmaceutical company announced the completion of fundraising of Rs 480 crore through qualified institutional placement (QIP) of equity shares.

Larsen & Toubro (L&T) rose 1.14% after the EPC major announced that its construction arm has secured ‘large' orders for its Buildings & Factories business in the domestic and international markets.

Angel One jumped 7.38% after the stockbroker announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,555.01 per share.

Global Markets:

European stocks declined across the board while Asian stocks traded mixed on Wednesday as investors assessed economic data from China and Australia.

Investors awaited for Spanish inflation data and French consumer confidence figures for March on Wednesday.

China’s combined industrial profit for January and February climbed 10.2% year on year, data showed. Industrial profits fell 2.3% for the whole of 2023. Data from Australia showed consumer price inflation in February rose 3.4% year over year.

U.S. stocks slipped on Tuesday as investors awaited economic data in a holiday-shortened week to gauge the Federal Reserve's policy path. The Personal Consumption Expenditure data is due to be released on Friday.

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