Shares of Genesys International jumped up 8% to hit an intraday high of ₹453.35 after the announcement was made.
What Happened: The mapping technology pioneer on Monday announced that it has secured a significant contract to implement its advanced digital twin technology for the redevelopment of Dharavi.
The contract, estimated at ₹22 crores (excluding GST), was awarded by Porter House and is set to be finalised within the next nine months. This project looks to transform the urban planning and landscape of Dharavi – recognised as the most densely populated urban settlement in Asia-, located in Mumbai city.
The project is anticipated to be completed within a timeframe of 9 months. Sajid Malik, chairman and managing director of Genesys International, expressed that this initiative signifies a substantial move towards social and financial inclusion.
In addition to this project, Genesys, earlier this month, secured the digital twin mandate for the holy shrine of Mecca from the Saudi government. The project is valued at ₹26 crore.
Bagging the two major projects has supercharged the micro-cap stock. In the last 30 days, the Ashish Kacholia-backed stock has surged up over 40%. Kacholia owns a 1.64% stake in the company.
Price Action: Genesys International shares were up 6.10% to trade at ₹446 in the late hours of trading on Monday.
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