Shares of this smallcap company surged around 9 percent in Thursday’s trading session after announcing partnership with NNG for Auto and Mobility Solutions. The stock has delivered more than 80 percent returns to its shareholders in one year.
Price Movement:
With a market capitalization of Rs. 2,435 crores, the shares of Genesys International Corporation Ltd started Thursday’s trading session on a flatter note at Rs. 568.10 compared to its previous close of Rs. 566.25. During the trading session, the shares hit a high of Rs. 620, gaining around 9 percent and are currently trading at Rs. 597 apiece.
What Happened:
Such a bullish movement in the share price was observed after the company in an exchange filing announced a strategic partnership with NNG, a leading Automotive navigation and connected car technology solutions provider.
Through this collaboration, the company aims to transform the Indian automotive industry by providing its clients with state-of-the-art AI-powered navigation and connected car solutions.
NNG’s technology is embedded in more than 30 million vehicles globally, collaborating with 34 prestigious automotive manufacturers, including Lamborghini, Ferrari, Renault, Ford, Mazda, Jaguar Land Rover, Harley Davidson, McLaren, and Porsche among others.
Additionally, the company stated that its partnership with NNG will bring Indian drivers a distinctive connected car experience, offering a variety of customized solutions. This collaboration integrates Genesys’ comprehensive mapping data with NNG’s advanced AI-powered navigation systems.
Financials:
Looking at the company’s financial statements, the revenue increased by 21 percent from Rs. 59 crores during the December quarter to Rs. 71 crores in the March quarter. On the other hand, the net profits declined by 6 percent from Rs. 16 crores to Rs. 15 crores during the same period.
Recent Developments:
Earlier, the company launched India’s first AI-powered navigation map specifically designed for the automotive and mobility markets. The newly launched map by Genesys features the largest navigable road network in India, covering 8.3 million kilometres and encompassing more than 30 million points of interest (POIs).
Prominent Investor:
According to BSE data, Ace Investor Mr Ashish Kacholia entered the stock in December 2021 and currently holds over 5.18 lakh equity shares equivalent to a 1.31 percent stake in this company. The current holding value of his investment amounts to Rs. 31.8 crores.
Company Profile:
Headquartered in Mumbai, Genesys International Corporation is engaged in the business of providing geographical information services (GIS) comprising of remote sensing, data conversion, photogrammetry, terrestrial and 3 dimensional (3D) geo-content including location, etc.
Written By Vaibhav Patil
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