Shares of this microcap company clocked 5 percent upper circuit in Friday’s trading session after announcing partnership with Cynomi to Enhance Cybersecurity in Healthcare. The shares delivered a 25 percent return in just five trading sessions.
With a market capitalization of Rs. 156 crores, the shares of SecureKloud Technologies Ltd started Friday’s trading session on a higher note at Rs. 47.05, clocking a 5 percent upper circuit during the morning trades compared to its previous of Rs. 44.85 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced that their step-down subsidiary, Healthcare Triangle Inc. had partnered with Cynomi, a pioneer vCISO platform vendor to introduce an innovative Virtual Chief Information Security Officer (vCISO) service tailored specifically for the healthcare provider market.
The vCISO platform, powered by Cynomi’s cutting-edge AI technology, offers a comprehensive solution designed to assess and enhance clients’ cybersecurity and compliance posture continuously.
By implementing strategic cybersecurity remediation plans, conducting continuous security assessments and executing rigorous external scans, the platform identifies and addresses critical vulnerabilities across externally visible IPs and URLs, including but not limited to ports, protocols, encryption, and websites.
Furthermore, the company mentioned that this partnership aims to empower healthcare providers with complete visibility into their cybersecurity and compliance status, enabling them to effectively manage their cyber posture, maintain rigorous compliance standards, and significantly reduce their risk of cyber threats.
Earlier, the company also announced partnership with a leading health system to utilise cloud-based AI and machine learning solutions.
During the recent financial quarters, the company’s basic business parameters showed mixed movements with the operating revenues, reduced by 6.3 percent from Rs 93 crores during Q2FY24 to Rs 87 crores in Q3FY24, and the latter, keeping the timeframe the same, reduced their losses from Rs 17 crores to Rs 13 crores.
The company derives its revenue from various sources, with the Healthcare and Life Science vertical contributing to 66.2 percent of the total revenue, while the Information, Communication, and Technology vertical account for the remaining 33.8 percent of revenue.
SecureKloud Technologies Limited is a cloud-native company with a combination of products, services, and frameworks to solve problems around Cloud, Enterprise Security, Blockchain, Decision Engineering, and many more. The company provides cloud expertise, automation, and analytics and has partnerships with Microsoft Azure, Amazon Web Services, etc.
Written By Vaibhav Patil
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