Trigyn Technologies locked at 10 per cent upper circuit. Heres why?

The contract has a maximum fee of USD 50 million and contains a provision at NYCHA’s discretion to increase the maximum fee to USD 125 million.

Trigyn Technologies has recently announced that the wholly-owned subsidiary of the company Trigyn Technologies Inc, has been awarded a contract to provide general, professional and information technology staff augmentation services for the New York City Housing Authority (NYCHA). The contract has a maximum fee of USD 50 million and contains a provision at NYCHA’s discretion to increase the maximum fee to USD 125 million. The contract is for a potential duration of five years i.e. from October 1, 2021, through September 30, 2026. An initial term of three years along with two, one-year options at NYCHA’s discretion.

Trigyn Technologies Inc, the wholly-owned subsidiary of Trigyn Technologies Limited is a Delaware Corporation headquartered in Edison, New Jersey with office locations in New York City, Washington DC, Toronto and Montréal Canada. Trigyn Technologies, Inc is an e-verify and equal opportunity employer.

The company has said in a filing with the exchange that, “The award covers 143 position titles across the labour categories of general, professional and technical information technology staff augmentation services. This award facilitates the continued expansion of Trigyn’s public sector business and presence in the region.”

Trigyn also holds a contract with the US General Services Administration (GSA) - Information Technology Schedule 70 - General Purpose Commercial Information Technology Equipment, Software and Services. This contract vehicle covers a broad range of labour categories and enables the company to respond to US Federal as well as state and local government opportunities.

Established in 1986, Trigyn Technologies is a public multi-national information technology firm with 2,000 resources deployed in 25 countries across Asia, North America, Europe, and Africa. The company has an established client base of major fortune 500 companies in diverse industries, inter-governmental organizations, and US state governments. The company’s wide portfolio of service offerings includes a rich history of implementing fully operational unified command and control centres, smart solutions, internet of things (IoT), smart utilities, security, surveillance and more.

Shares of Trigyn Technologies froze at 10 per cent upper circuit touching Rs 138.05 per share on the bourses during early market hours on Tuesday, October 12, 2021.