Stock under ₹ 2 hits upper circuit after it received business proposal from TCS Information Technology LLC Dubai – Trade Brains

by Trade Brains | May 14, 2024 | 2:00 pm | News, Trending News | 0 comments

Penny stock engaged in the business of trading and supplying of various chemical products, scrap materials and many more hits 5 percent upper circuit in the days trade upon receiving a strategic business proposal from TCS Information Technology LLC Dubai.
With a market capitalization of Rs. 81 Crores, the shares of Sawaca Business Machines Limited hit a 5 percent upper circuit at Rs. 1.41 from its previous day’s close price of Rs. 1.35.
Sawaca Business Machines Limited has announced that it has received a proposal showing an interest of strategic proposal from TCS Information Technology LLC which is a Dubai-based Sole Establishment working in the field of Computer Systems & Communication Equipment Software Design, Social Media Applications Development & Management.
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The proposal includes developing an AI-based Supply Chain Management software specifically tailored for the export-import markets in the Gulf Region and TCS Information Technology proposes to acquire upto 20-25% stake in Sawaca Business Machines Limited.
It also proposed to establish a subsidiary/joint venture in Dubai collaborative effort to develop and implement state-of-the-art AI-based Supply Chain Management (SCM) software. This initiative is aligned with its shared vision of leveraging technology to enhance efficiency and profitability
Sawaca Business Machines Limited is engaged in the business of trading and supplying of various chemical products, and scrap materials. It is also involved in the export of machinery and various raw materials.
Its revenue from operations declined by 8.53 percent from Rs. 2.93 Crores in FY22 to Rs. 2.68 Crores in FY23, accompanied by profits of Rs. 41 Lakhs to Rs. 55 Lakhs.
It has reported a return on equity (ROE) of 4.28 percent, a return on capital employed (ROCE) of 4.80 percent, and a debt-to-equity ratio of 0.02.
Written by Bharath KS
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