Vedavaag Systems stock soars more than 8% on new MoU!

During the morning trading session, the Sensex and Nifty initiated the day on a positive note, with both indices opening higher by 0.25% each. As the day progressed, the Sensex witnessed a significant surge of 0.77 percent, reaching a remarkable milestone by establishing a new all-time high at the 66,159 level. Correspondingly, the Nifty also achieved a noteworthy feat, attaining an all-time high at the 19,595 level.

These milestones reflect the continued upward momentum and noteworthy performance of the stock market indices.

In this optimistic market sentiment, the shares of Vedavaag Systems Limited surged 8.07%. Additionally, the scrip witnessed a massive spurt in volume by more than 14.81 times. This indicates heavy buying among investors. The company’s current market capitalization is Rs 126.11 crore.

On July 13, 2023, Vedavaag Systems Limited has recently forged a Memorandum of Understanding (MoU) with IRIS Global Services Private Limited to implement an IP-based Video Surveillance System (VSS). This strategic collaboration aims to undertake a comprehensive scope of work, encompassing the supply, installation, testing, commissioning, integration with existing VSS infrastructure, as well as the operation and maintenance of IP-based Video Surveillance systems.

The project, secured by IRIS Global from RAILTEL Corporation of India Limited, will witness the installation of CCTV cameras across 1002 railway stations of D & E category, spanning multiple states such as Madhya Pradesh, Maharashtra, Gujarat, Karnataka, Chhattisgarh, Rajasthan, and Uttar Pradesh.

With an estimated value of Rs 72 crore, this initiative showcases Vedavaag Systems’ commitment to pioneering advancements in cutting-edge security technologies.

Vedavaag Systems Ltd specializes in the development and marketing of computer software. Its core activities revolve around IT sales and services, including e-Governance and Citizen Services, as well as Banking and Insurance Services. The company caters to various sectors with its technology solutions.

In the fiscal year 2022-2023, the company reported a total revenue of Rs 65.43 crore, indicating a slight decline of 4.87 per cent compared to the previous fiscal year. Additionally, the company witnessed a decrease in operating profit, with figures reaching Rs 11 crore, representing a decline of 5.90 per cent compared to the previous year. Furthermore, the net profit of the company experienced a modest decrease of 3.63 peer cent from the previous fiscal year, amounting to Rs 6.89 crore.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet, and is subject to changes. Please consult an expert before making related decisions.