Stock Report

CMS forays into production of Banking Automation products

Posted On : 2023-05-19 12:48:52( TIMEZONE : IST )

CMS forays into production of Banking Automation products

CMS Info Systems Limited (CMS), India's leading business services company offering banking logistics and technology services, announced its latest venture with the production and manufacturing of Banking Automation products in its newly opened plant in Ambattur, Chennai. The facility will help India's largest cash logistics company to offer integrated banking automation solutions to its banking clients, from production to deployment to surveillance solutions of their complete ATM eco-system.

CMS will source components locally from certified Indian suppliers, and ATM modules from its partner in Korea. The company has implemented LEAN management and just-in-time inventory management to maximize production through a well-controlled quality process.

The hub-and-spoke production process will produce ATMs, Cash Recycler machines and Self-service kiosks to support Digital Banking Unit initiative by banks and RBI. The facility has the capacity to produce more than 2000 units per month to meet the diverse needs of banking clients and support their expansion and refreshment cycle of Banking Automation infrastructure.

Manjunath Rao, President - Managed Services, CMS Info Systems, said, "The opening of our manufacturing plant for production of branch automation solutions in India, helps us complete the full backward integration of our ATM business portfolio offerings. The timing of the launch aligns well with the announcement of branch expansion plans of the country's leading banks. The production of ATMs in India will help us cater to the customized requirements of clients faster and with greater efficiency. We, at CMS, are very excited to enter this phase of our business that allows us to be a powerful ally in India's journey to financial inclusion and proudly contribute towards the Make in India initiative."

The plant has received certification for ISO 9001:2015, ISO14001, reflecting efficient usage of resources and reduction of waste for improved environmental performance, and enables CMS to complete the value chain in the Banking Automation ecosystem of India.

Shares of CMS Info Systems Limited was last trading in BSE at Rs. 314.45 as compared to the previous close of Rs. 309.25. The total number of shares traded during the day was 33305 in over 1469 trades.

The stock hit an intraday high of Rs. 322.95 and intraday low of 305.15. The net turnover during the day was Rs. 10558139.00.

Source : Equity Bulls


CMSINFO INE925R01014 CMSInfoSystems NewVenture BankingAutomationProducts AmbatturPlant Chennai