Shares of Protean eGov Technologies saw a modest increase of over 1 percent to Rs 1,222 per share on May 22, following HDFC Bank’s divestment of its entire 3.2 percent stake in the company via an open market transaction.
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Throughout 2024, Protean’s stock performance has been relatively flat, with a slight gain of 0.4 percent compared to a 3 percent rise in the benchmark Nifty 50 index. The stock reached a 52-week high of Rs 1,712 per share on February 6, 2024.
According to data from the Bombay Stock Exchange (BSE), HDFC Bank sold 12.9 lakh equity shares, representing its 3.2 percent stake in Protean eGov Technologies. The shares were sold at an average price of Rs 1,160 per share, bringing the total transaction value to Rs 150.16 crore.
Conversely, Nippon India Mutual Fund purchased 12.7 lakh shares, equivalent to a 3.16 percent stake in Protean eGov Technologies, for Rs 148 crore. According to BSE data, the shares were acquired at an average price of Rs 1,160 per share, resulting in a deal size of Rs 148.28 crore.
Financially, Protean eGov Technologies experienced a challenging January-March quarter (Q4FY24), with a significant 39 percent year-on-year decline in net profit to Rs 19 crore. Revenue from operations also decreased by 4 percent year-on-year to Rs 222 crore. Despite these setbacks, the board has recommended a final dividend of Rs 10 per equity share for FY24.
Formerly known as NSDL e-Governance Infrastructure, Protean eGov Technologies specializes in developing large-scale, citizen-centric e-governance solutions to enhance public service delivery.
