Protean eGov Technologies shares surge 6% after Rs 100 crore order win

Protean eGov Technologies shares surged 6% to their intraday high of Rs 1,009 on the BSE on Tuesday, June 10, after the company announced it has secured a strategic work order valued at approximately Rs 100 crore from the Bima Sugam India Federation (BSIF).

“Pursuant to Regulation 30 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, 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 company disclosed in a filing to the stock exchanges.

The contract was awarded on June 9, 2025, following a competitive RFP (Request for Proposal) process. Under this engagement, Protean will serve as the Technology Solution Provider for the Bima Sugam digital marketplace platform.

The scope includes the end-to-end design, development, implementation, support, and maintenance of the platform, with emphasis on platform integrations and marketplace protocols.

BSIF, a not-for-profit entity led by key stakeholders in the Indian insurance sector, governs Bima Sugam — a national-scale initiative aimed at creating a unified digital marketplace for insurance products and services.

This domestic contract is valid for a period of 72 months from the execution date and reinforces Protean’s growing footprint in India’s Digital Public Infrastructure (DPI) space.The company highlighted that the engagement further cements its role as a trusted partner in delivering citizen-centric digital services at scale.Also read: Goldman Sachs, Morgan Stanley, others buy 1.45% stake in Suzlon Energy for Rs 1,309 crore

Protean eGov Technologies share price history

Over the past one year, Protean eGov Technologies has seen its share price decline by 12.62%. The stock has recorded a 50.82% drop on a year-to-date (YTD) basis and a 50.47% fall over the last six months. In the past three months alone, the stock has slipped 31.73%, while in the last one month, it has registered a sharp decline of 24.87%.

On Monday, Protean eGov Technologies shares closed flat at Rs 951.65 on the BSE.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)