Raminfo Ltd receives LoA from AP-AGROS; stock gains

Hyderabad-based software company, Raminfo Limited, informed that it has received a letter of award (LoA) from Andhra Pradesh State Agros Industries Development Corporation Limited, a government undertaking.

The company announced this via an exchange filing made on Friday during the market hours. It said that the company has been granted LoA to provide logistics services for running agri input shops by AP-AGROS in the state of Andhra Pradesh.

Raminfo Ltd further said that the valuation of the project is not possible for the time being as it is the first initiative in itself. However, the company added that they are expecting revenue of approximately Rs 10 crore.

The contract period of the above-mentioned project would be three years initially. However, it might extend depending upon the annual performance review, as per the terms and conditions of the tender schedule.

Raminfo concluded, “The project is to be executed along with consortium partners-RCI Logistics Pvt Ltd & Varad Agri Tech Limited, where our share is 66.66 per cent.”

At the time of market closing on Friday, the stock of Raminfo Ltd was trading at Rs 11.30, up by 3.48 per cent against its previous close of Rs 10.92. Its 52-week high is Rs 48.30 while, its 52-week low is Rs 8.80 on BSE.