Small Cap Stock Hits 52-Week High After ₹155 Cr Order

Veritas (India) saw its share price hit a 52-week high of ₹950.55 early on Tuesday, thanks to a ₹155.85-crore order from the Brihanmumbai Municipal Corporation (BMC).

The company, alongside Genesys International Corporation, secured the order for developing, implementing, and maintaining a 3D City model and Change Detection system using Geospatial Technology for Mumbai’s municipal body.

What Happened: In a statement, Veritas (India) Ltd announced, “Together with Genesys International Corporation Limited, we have received a ₹155.85 crore Letter of Acceptance from Brihanmumbai Municipal Corporation for the development, implementation, and maintenance of a 3D City model & Change Detection using Geospatial Technology for BMC.”

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The project aims to establish a comprehensive mapping platform featuring a 3D reality mesh model, an advanced base map with street imaging, a Digital Surface Model (DSM), a Digital Terrain Model (DTM), and a change detection map.

Sajid Malik, CMD of Genesys International Corporation, emphasised the deal’s significance for both Genesys International and Mumbai’s digital transformation. He highlighted the potential of their advanced geospatial solutions to revolutionize urban planning, promote sustainable development, and improve the quality of life for Mumbai’s residents, committing to use their geospatial technology expertise in aiding the city’s development initiatives.

Price Action: Veritas (India) Ltd. shares traded 2% higher at ₹950.55 on Tuesday morning.

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