Magellanic Cloud secures E-Surveillance contract for major Public Sector Bank in India

On 13 December, 2023: Magellanic Cloud Limited, (MCloud) and its subsidiary iVIS combined, have successfully secured a significant order from a well-known public sector bank for the end-to-end implementation and management of e-surveillance services for 2000 ATM sites across India. The combined contract, awarded through a competitive bidding process, involves the supply, installation and commissioning of alert-based monitoring and control system for e-surveillance of the bank's ATM sites.

This landmark contract spans a 5-year period and is anticipated to generate a revenue of approximately ~Rs. 42 crores. The scope of services incorporates cutting-edge features such as remote surveillance, cloud processing & storage, operational insights, actionable intelligence complimented by alarm triggers in real-time, AI-enabled facial recognition, incident detection, reporting & analytics. The scale of the contract positions Magellanic Cloud to achieve healthy profit margins, reinforcing its commitment to delivering top-notch security solutions.

iVIS, the subsidiary of Magellanic Cloud, has experienced a five-fold expansion from production to commissioning by leveraging technology and automation to enhance efficiency and increase production scale. This contract win further solidifies Magellanic Cloud'sreputation as a trusted leader in providing comprehensive e-surveillance solutions tailored to meet the evolving needs of the financial sector.

Shares of Magellanic Cloud Ltd was last trading in BSE at Rs. 459.85 as compared to the previous close of Rs. 460.05. The total number of shares traded during the day was 214127 in over 3124 trades.

The stock hit an intraday high of Rs. 466.45 and intraday low of 459.70. The net turnover during the day was Rs. 99211884.00.

Source : Equity Bulls

Keywords

MagellanicCloud INE613C01018 iVIS OrderWin