Protean eGov Tech Wins Order Of Rs 100 Crore From Bima Sugam India Federation

Protean eGov Technologies Ltd. received a work order of Rs 100 crore from Bima Sugam India Federation on Monday through the request-for-proposal process.

As part of the work order, the company will act as the technology solution provider, supervising comprehensive development, implementation, support and maintenance of the Bima Sugam Marketplace, including platform integrations and marketplace protocols, according to an exchange filing.

BSIF is a not-for-profit organisation guided by key stakeholders of India's insurance ecosystem, oversees Bima Sugam — an ambitious digital public platform designed as a unified, nationwide marketplace for insurance products and services.

The contract is expected to be completed within 72 months from the date of execution of contract.

Shares of Protean eGov Technologies closed 0.24% higher at Rs 951.35 apiece on the National Stock Exchange, compared to a 0.4% rise in the benchmark Nifty. The stock has fallen 40.58% in the last 12 months.

Out of the six analysts tracking the company, three have a 'buy' rating on the stock, two recommend 'hold' and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 24.7%.