Shares of Can Fin Homes Ltd fell 1.5% after touching the day’s high of Rs 621.25 on 21st February, despite the firm announcing that it has selected IBM India Private Ltd to supply and maintain its core business solution for approximately Rs 297 crore.

The firm’s board approved IBM India as the system integrator for its core business solution, infrastructure, and security upgrades.

IBM will manage Lending Solutions, including the Loan Origination System (LOS), Loan Management System (LMS) with Collections, Document Management System (DMS), and Borrowing & Investment.

The company awarded IBM a seven-year contract, divided into 12 months of implementation, three months of warranty, and five years and nine months of support and maintenance.

The contract includes an optional two-year extension if mutually agreed upon, as per Can Fin Homes’ filing on 21st February.

The total contract value is Rs 296.95 crore for the seven years.

For Q3 FY25, Can Fin Homes’ net profit rose 6% YoY to Rs 212 crore, while Net Interest Income (NII) grew 4.3% YoY to Rs 350.4 crore.

At 1:54 PM, the shares of Can Fin Homes were trading 1.34% lower at Rs 596.95 on NSE.

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