Shares of Protean eGov Technologies Ltd surged 6% on Tuesday, 10 June, after the company announced securing a Rs 100 crore order from the Bima Sugam India Federation (BSIF) on Monday.
Protean eGov Tech obtained the order through a request for proposal (RFP) method. According to the deal, it will supply technology solutions for the Bima Sugam Marketplace, platform integrations, and marketplace protocols from start to finish, including development, installation, support, and maintenance.
BSIF is a non-profit entity led by major stakeholders in the Indian insurance ecosystem that manages Bima Sugam, a digital public platform envisioned as a unified, national-scale marketplace for insurance products and services, according to an exchange filing.
Last month, Suresh Sethi, the company’s managing director and CEO, stated that not being shortlisted for the income tax department’s PAN 2.0 contract was not a setback for business. The company’s current function in the PAN ecosystem is unchanged by the new contract.
He added, “PAN 2.0 talks about the revamp of the core IT systems of the I-T department, which we don’t do today. What we are running is the distribution for collating the PAN data or PAN updates, and transmitting it securely to the I-T department (ITD). We have both online and offline channels to do it. So our business continues as is the mandate given to us by ITD in 2003.”
Looking beyond PAN services, Sethi emphasised the company’s expansion into other verticals, both domestically and abroad. “We are working in the space of agri, health, digital commerce ONDC. Likewise, we are introducing products on top of our identity services business — Pro and Rise we’ve spoken about. So we clearly see a good trajectory for the company in new businesses and the core businesses remain strong, including the pension business, where we have a 97% market share as of now.”
At 2:07 pm, the shares of Protean eGov were trading 3.54% higher at Rs 984.95 on NSE.
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