Shares of Securekloud Technologies rose 5% on Wednesday after its subsidiary Healthcare Triangle signed a multi-year subscription agreement with its longtime customer CalvertHeath.

The subscription agreement involves Healthcare Triangle’s readabl.ai, a medical documentation automation solution that simplifies patient care and reduces operational costs.

Roy Sookhoo, Healthcare Triangle’s chief operating officer, said HCTI, a longtime advisor to CalvertHealth, has helped advance their digital transformation by allowing them to focus on high-value activities related to patient care rather than laborious document processing.

Healthcare Triangle recently announced a $3 million deal to provide Cloud DevOps managed services to a life sciences company.

Another subsidiary of the company, Blockedge Technologies, recently announced an agreement with Suvik Technologies FZE to establish a joint venture in Dubai to facilitate Web3 adoption. Blockedge brings infrastructure automation expertise and decentralised application development, while Suvik provides a proprietary trading system for crypto assets and a decentralised Oracle platform built on the XDC network.

On March 24, the Enforcement Bureau arrested the company’s promoters, Suresh Venkatachari and RS Ramani, under the Prevention of Money Laundering Act (PMLA).

Venkathachari should step down as company president “effective immediately,” the company said in an exchange filing. As of December 2022, Venkatachari holds a 42.13% stake in the company, while Ramani holds 1.39%.

In Q3FY23, the company reported a 27% rise in total revenue to Rs 122 crore. It stood at Rs 121 crore in Q2FY23. The company reported a net loss of Rs 21 crore, compared with a loss of Rs 30 crore a year ago. In September 2022, the net loss was Rs 16 crore.

The company’s market value has fallen 48% in the past six months and more than 65% in the last year.

Shares traded 4.65% higher at Rs 34.90 on the NSE at 12:18 pm, while the benchmark Nifty IT traded 0.8% higher at 28,860.90.