by | Nov 22, 2023 | 5:55 pm | News, Trending News | 0 comments
The shares of the mapping company surged around 17 percent on Wednesday after it entered into a strategic tie-up with Survey of India for the 3D Digital Twin Mapping Program in India.
With a market capitalization of Rs. 1,361 crores, the shares of Genesys International Corp Ltd opened Wednesday’s trading session on a positive note at Rs. 320 compared to its previous close at Rs. 309. The share hit an intraday high of Rs. 370.95 making a gain of around 17 percent and closed its day at Rs. 361 apiece.
Such a bullish movement was observed after the company, in an exchange filing announced that they have collaborated with Survey of India (SOI) to revolutionize India’s map content. This strategic partnership with SOI aims to create Digital Twins in major cities and towns.
In this collaboration, Genesys will generate Geospatial 3D Digital Twins for major Indian cities and towns and SOI will provide CORS datasets to Genesys. Joint efforts will be made to apprise city administrations of the utility of accurate geospatial datasets through technical workshops.
“We are proud to join forces with Survey of India to create a Digital Twin of Indian cities that will serve as a cornerstone for India’s development.”, commented Mr. Sajid Malik, Chairman and Managing Director of Genesys International.
Having a look at the latest financial reports published by the company, the operating revenues as well as net profits have shown positive movements.
The revenues moved up from Rs 119 crores during FY21-22 to Rs 181 crores during FY22-23, and, the latter, keeping the timeframe the same, showcased a transition from a loss of Rs 39 crores to a profit of Rs 14 crores.
According to the latest shareholding data available for the quarter ended September 2023, the company’s Promoters hold a 39.65 percent stake and the Foreign Institutional Investors (FIIs) hold a 60.35 percent stake in the company.
Genesys International Corp Limited is engaged in the business of providing geographical information services (GIS) comprising of remote sensing, cartography, photogrammetry, data conversion, terrestrial and 3 dimensional (3D) geo-content including location, etc. The company’s services are used by various Enterprises, Government, and other consumers.
Written by Vaibhav Patil
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