Protean eGov Tech Shares Jump 6% After Securing Rs 100 Crore Deal
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Protean eGov Technologies shares surged 6% after the company secured a strategic Rs 100 crore contract from Bima Sugam India Federation
Protean eGov Technologies Share Price: Protean eGov Technologies shares surged 6 per cent to an intraday high of Rs 1,009 on the BSE on Tuesday, June 10, following the announcement of a significant order win valued at around Rs 100 crore from the Bima Sugam India Federation (BSIF).
In a regulatory filing to the stock exchanges, Protean eGov Technologies stated,'We are pleased to inform you that Protean eGov Technologies Limited ('the Company') has been awarded a prestigious and strategically significant work order valued at approximately Rs 100 crore, on June 9, 2025, by the Bima Sugam India Federation (BSIF) through the RFP process."
The contract, secured through a competitive Request for Proposal (RFP) process, will see Protean serve as the Technology Solution Provider for the Bima Sugam digital marketplace platform. This comprehensive engagement covers the end-to-end design, development, implementation, support, and maintenance of the platform, including integration and marketplace protocol services.
BSIF, a not-for-profit entity led by key players in India's insurance sector, governs Bima Sugam — a national initiative aimed at creating a unified digital marketplace for insurance products and services.
The contract, valid for 72 months from the execution date, marks a major milestone for Protean, reinforcing its position in India's Digital Public Infrastructure (DPI) sector. Protean noted that this engagement further underscores its role as a trusted partner in delivering large-scale, citizen-centric digital services.
Despite the recent rally, the stock has seen a sharp correction over the past year. It has declined by 12.62 per cent in the last 12 months, plummeted 50.82 per cent on a YTD basis, and fallen 50.47 per cent in the last six months. Over the past three months, the stock has dropped 31.73 per cent, and in the last month alone, it has slipped 24.87 per cent.
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