Hinduja Global shares up 5% after subsidiary inks pact with Maharashtra credit co-ops body. Details here

The shares of Hinduja Global Solutions peaked by nearly 5% at the stock market on Monday, April 22, after a subsidiary of the company inked a pact with Maharashtra State Cooperative Credit Societies Federation (MAFCOCS).

The subsidiary, CelerityX, has launched “OneX” – a unified network-as-a-service solution covering network management, security, and LAN-side control. As part of the partnership with MAFCOCS, the OneX solution would be rolled out in 40,000 bank branches in Maharashtra, a media release said.

Following the announcement, Hinduja Global’s shares jumped to ₹880 apiece on the NSE at 10:55 am, up 4.9% as against the previous day’s close. In the subsequent period, it pared some of the gains and was trading 4.8% higher at ₹863.

How will OneX help credit societies?

According to MAFCOCS president Om Prakash Dadaapa, the OneX solution helps safeguard credit societies' infrastructure from cybersecurity threats and network intrusions.

“Maharashtra has over 16,000 credit societies. These credit societies are increasingly becoming significant in their size and impact compared to cooperative and national banks. Many of them, in fact, have stronger assets under management (AUM) and financials than larger banks. This growth in assets also brings the responsibility of ensuring technology modernization for these credit societies to serve their customers better,” he said.

“OneX addresses these challenges seamlessly – providing a Unified Threat Management Solution including network, firewall and endpoint security to all credit societies,” the MAFCOCS chief added.

Financial inclusion in rural sector

According to OneX, its “robust infrastructure and scalable technology”, gives it the potential to connect over 100,000 branches across India. This could empower financial inclusion and equip banks with the network security needed to thrive in the digital age, it added.

"With OneX, we are democratising banking connectivity for cooperative credit societies. This partnership with MAFCOCS is a major step towards promoting financial inclusion and driving growth in the rural sector and we have our sights on expanding into other states facing similar challenges,” said Sameer Kanse, Chief Business Officer of CelerityX.

The company has received its first order from Samta Sahakari Patasanstha for its branches in Maharashtra, the release added.