India's Allied Digital jumps on $22.9 mln order win

Allied Digital Services

05/03/2024 09:15

** Shares of IT services provider Allied Digital Services
 ADIS.NS  up ~6%, after rising as much as ~10%  
    ** Co got order worth 1.90 bln rupees ($22.9 mln) for
developing smart industrial city in Navi Mumbai using AI 
    ** ADIS sees busiest trading day since late Jan., volumes at
2.3 times the 30-day avg 
    ** It has been trading above its 200-day simple moving avg
since June 2023 
    ** Rise in shares come amid a fall in broader IT index
 .NIFTYIT - down 1.7% tracking a fall in U.S.- its core market,
amid signs the U.S. Federal Reserve is in no hurry to cut
interest rates  MKTS/GLOB  
    ** Including session's gains, stock has risen ~18% this
year; after surging ~50% in 2023 
    
    

($1 = 82.8830 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))