AGS Transact Technologies shares rise following SBI contract for ATM deployment

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AGS Transact Technologies shares rise following SBI contract for ATM deployment
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AGS Transact Technologies (NASDAQ: TACT ) Ltd's shares surged by 9.32% today, following the announcement of a contract from the State Bank of India (SBI) for the pan-India deployment of 1,350 'AGS' branded ATMs as part of their Banking Automation Solutions portfolio. The nationwide deployment is set to take place during FY24, according to a statement made by the Executive Director Stanley Johnson.

This recent development is expected to significantly contribute to the growth of AGS Transact's Banking Automation Solutions sector. The company has a solid track record in integrating ATMs/CRMs under its Managed Services portfolio. Previously, it successfully integrated 8,000 ATMs/CRMs for Punjab National Bank and Union Bank of India.

As of September 30, 2023, AGS Transact has established a formidable presence in the market with a total of 77,658 ATMs/CRMs installed or managed across 2,200 cities and towns in India. The company's services cater to various sectors including retail, petroleum, and colour through its Other Automation Solutions.

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