Protean eGov Share Price Jumps Over 12%, Hit Two-Month High On Order Win

Protean eGov Technologies Ltd. share price jumped over 12% and hit the highest level in two months after securing an order worth Rs 1,160 crore from Unique Identification Authority of India to set up Aadhar Seva Kendra at district level.

As per the order from the Aadhar issuing centre, Protean eGov Technologies will set up services providing centre at 188 districts across India, the company said in the exchange filing. These service centres will provide appointment and walk-in based Aadhar Enrolment Update andother miscellaneous Aadhaar Services.

The order is for six years. The nature of the order is outsourcing public services.

Protean eGov Technologies share price jumped 12% to Rs 918 apiece, the highest level since June 19. It pared gains to trade 7.29% higher at Rs 879 apiece as of 9:55 a.m., as compared to 0.74% decline in the NSE Nifty 50 index.

The stock declined 39.92% in 12 months.Total traded volume so far in the day stood at 62 times its 30-day average. The relative strength index was at 63.19.

Out of six analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold' and one suggests to 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.5%.