scorecardresearchVedavaag Systems shares rally nearly 20% on MoU to implement video surveillance

Vedavaag Systems shares rally nearly 20% on MoU to implement video surveillance system for 1,002 railway stations

Updated: 14 Jul 2023, 11:55 AM IST
TL;DR.

The order, valued at approximately 720 million, entails the implementation of SITCM (System Integration, Testing, Commissioning, and Maintenance) of IP-based Video Surveillance Systems (VSS).

Vedavaag Systems Limited is an India-based company that is primarily engaged in information technology (IT) sales and services.

Vedavaag Systems Limited is an India-based company that is primarily engaged in information technology (IT) sales and services.

Shares of Vedavaag Systems, a leading company in the banking correspondent space, scaled 19.4 percent on Friday, July 14, after the company entered into a memorandum of understanding (MoU) with IRIS Global Services Private Limited for the implementation of IP-based Video Surveillance System (VSS).

The order, valued at approximately 720 million, entails the implementation of SITCM (System Integration, Testing, Commissioning, and Maintenance) of IP-based Video Surveillance Systems (VSS).

During Friday’s trade, the stock opened at a price of Rs. 56.50 per share against the previous close of Rs. 50.90 per share and rallied further during the early trading session to touch an intraday high of Rs. 60.80.

At 11:15 a.m., it was trading at Rs. 57.40, up by 12.77 percent on the NSE.

Vedavaag Systems Limited is an India-based company that is primarily engaged in information technology (IT) sales and services, such as e-governance and citizen services, banking, financial inclusion (FI) and insurance services.

The stock touched a 52-week high of Rs. 64.50 on September 13, 2022 and a 52-week low of Rs. 36 on March 28, 2023, indicating that at the current levels, the stock is trading 59.44 percent above its 52-week low and 11 percent below its 52-week high.

The stock has shown a positive growth of 17 percent in the past one month. Moreover, the shares of the bank have surged almost 20 percent in the last one year. It has gained nearly 78 percent in the last five years.

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Stock price chart of Vedavaag Systems

It will cover a total of 1,002 railway stations under the Western Region of Railways.

“The project envisages the installation of CCTV cameras in 1002 railway stations of D & E category spread across the states - Madhya Pradesh, Maharashtra, Gujarat, Karnataka, Chhattisgarh, Rajasthan and Uttar Pradesh states,” the official filing stated.

A few days back, Vedavaag Systems received an allocation of an additional 2,000 Customer Service Points (CSPs) from the prestigious State Bank of India (SBI).

With the allotment of these additional 2,000 CSPs, Vedavaag Systems' CSP network exclusively for SBI is set to expand significantly from 3,281 to 5,281 Customer Service Points.

This allocation also contributes to Vedavaag Systems' overall CSP network, which will now encompass a total of 6,269 CSPs across multiple banks.

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First Published: 14 Jul 2023, 11:55 AM IST