Explained: Why Orient Technologies share price jumped 16% today

Shares of Orient Technologies soared nearly 16% during intraday trading on Tuesday, reaching Rs 365.10 by 12:32 pm, reflecting a surge in investor enthusiasm.
This price jump follows the company’s announcement of a board meeting scheduled for November 11, 2024, where directors will review the unaudited financial results for the quarter and half-year ended September 30, 2024.
The board members will also discuss a proposal for an interim dividend, with the record date for determining eligible shareholders set for November 15, 2024. “The record date for the purpose of determining the members eligible to receive Interim Dividend, if declared, by the board of directors of the Company has been fixed as Friday November 15, 2024,” said the company in a stock exchange filing.
Earlier this year, Orient Technologies made a strong debut in the stock market, listing at a 40.8% premium. The shares opened at Rs 290 on the Bombay Stock Exchange (BSE), significantly higher than the issue price of Rs 206, while trading on the National Stock Exchange (NSE) began at Rs 288, marking a gain of 39.8%.
Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, noted, “The substantial oversubscription and impressive listing gain demonstrate strong investor confidence in Orient Technologies’ future prospects.” She emphasized that the company’s long-standing track record and diverse clientele enhance its market position, supported by consistent financial growth and a healthy balance sheet.
Specialising in IT infrastructure, IT-enabled services (ITeS), and cloud and data management, Orient Technologies collaborates with leading technology partners such as Dell, Fortinet, and Nutanix to provide customised solutions for clients.
Its IT Infrastructure division, which includes Data Centre Solutions and End-User Computing, is the company’s oldest and largest revenue-generating segment, achieving a compound annual growth rate (CAGR) of 58.60% between fiscal 2021 and fiscal 2023.