Technically, the stock trades lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The 52-week high and low of the stock are Rs 24.62 and Rs 11, respectively.
Shares of IT services and business solutions provider company, Bartronics India Ltd, are in focus as the company has informed exchanges about signing a memorandum of understanding (MoU) to establish a strategic collaboration in the agri-produce supply chain. The counter started the session in the red at Rs 12.01 against the previous close of Rs 12.10 on the BSE. Amid selling pressure, the stock dipped further to touch the low of Rs 11.65, a dip of 3.86 per cent from the last closing. Last seen, the scrip was trading at Rs 12, and the market cap of the company stood at Rs 365.49 crore. Technically, the stock trades lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The 52-week high and low of the stock are Rs 24.62 and Rs 11, respectively.
Collaboration in the agri-produce supply chain
The agreement aims to create a strategic collaboration in the agri-produce supply chain. Under the agreement, the company will procure agricultural produce directly from farmers, FPOs, and mandis, while SNN will procure these products from the company and sell them to quick commerce platforms, modern trade, retail, institutional buyers, and other off takers. The company clarified that the MoU is completely non-binding, except for provisions related to confidentiality, jurisdiction, and termination.
Proposal to change the name
Meanwhile, the company has informed exchanges that the board of directors has approved the proposal to change the name of the company to ‘Avio Smart Market Stack Limited’. The changes will be implemented after the approval of the Ministry.
Additionally, the company plans to rename its wholly-owned subsidiary, BIL Healthtech Private Limited, in line with the new brand identity. The board meeting also decided that the company will be able to borrow up to Rs 250 crore, subject to shareholder approval.
Apart from this, the board also approved the proposal of the company to borrow Rs 100 crore from Kinex India Private Limited under a related-party transaction.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
