Orient Technologies share price surged as much as 17% in intraday trade on the BSE on Friday, 11 September, looking set to extend gains for the second consecutive session.
Orient Technologies shares opened at ₹240 against their previous close of ₹234.75 and jumped as much as 17% to an intraday high of ₹274.70. In the previous session, the stock rose by 2.3%.
The sharp jump in Orient Technologies share price has followed the company's announcement about the expansion of its cybersecurity business.
In an exchange filing on 10 September, Orient Technologies said it is expanding its cybersecurity business after the signing of a $3.15 million, three- year contract with Securonix, with additional investments planned as the business scales, taking the total investment to approximately $5 million over the course of the expansion.
Under the strengthened relationship, Orient will take on an expanded mandate as Securonix's exclusive value-added distributor (VAD) and joint go-to-market partner in India, while building capabilities across implementation, professional services, technical support, managed security and SOC enablement.