Shares of recently listed TAC Infosec Ltd hit an upper circuit during the trading session on Thursday. The company, in an exchange filing on Wednesday, said that it was appointed as a key cyber security assessor for the App Defense Alliance (ADA) for enhancing app security across platforms.
TAC Security is a cybersecurity company. It is appointed as akey cyber security assessor for the ADA, which was originally launched by Google in 2019 to combat malicious Android apps. ADA is transitioning to the joint development foundation (JDF) under the Linux Foundation, said the exchange filing with the bourses.
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“By joining the ADA alongside industry leaders like ESET, Lookout, and Zimperium, TAC Security strengthens the alliance’s defense against evolving digital threats. The addition of tech giants like Meta (formerly Facebook) and Microsoft to ADA’s steering committee further emphasises the collaborative effort to advance app security standards and practice,” the filing added further.
Shares of TAC Infosec, which are listed on SME Emerge platform of NSE, hit an upper circuit of 10 per cent to Rs 530.05 on Thursday, commanding a total market capitalization of more than Rs 555 crore. The stock had settled at Rs 481.90 in the previous trading session on Wednesday.
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Vijay Kedia backed TAC Infosec was listed at the bourses earlier this month, on April 5, 2024 at a premium of 173.58 per cent at Rs 290 apiece on the SME platform of NSE, against the issue price of Rs 106 per share. The stock has zoomed a staggering 400 per cent from its issue price in just 20 days.
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Dalal Street stalwart Vijay Kishanlal Kedia and his son Ankit Vijay Kedia cumulatively owned 15.30 lakh equity shares of the company, which is around 14.6 per cent on a post issue issue basis, as per the RHP of the company.
