Shares of this multibagger IT stock jumps after its subsidiary company becomes the first company in India to receive a DGCA-Type certification for a Logistics Drone, the “CargoMax 500HE”. In the past month, the company’s stock gained nearly 25 percent for its stakeholders.
With a market capitalization of Rs 7,141.89 crores, the stocks of Magellanic Cloud Limited opened their trading session on Tuesday at Rs 633.90 and currently trade at Rs 611.05. The company’s scrip witnessed an intra-day high of Rs 638 exhibiting a gain of around 3.30 percent compared to the previous close of Rs 617.80 apiece.
In a recent regulatory filing with the Bombay Stock Exchange (BSE), the company intimated that “Scandron Private Limited”, a subsidiary company of Magellanic Cloud Limited, becomes India’s first company to receive a DGCA-Type Certification for ‘Logistics Drone’, the CargoMax 500HE.
In congruence with the move, the subsidiary company has entered into a strategic partnership with ‘CriticaLog India’ to offer comprehensive B2B as well as hub-to-hub drone delivery solutions across 160 cities in India.
Receiving the abovementioned certification for the logistics drone enables the company to operationalize and introduce innovative drone-based logistics solutions to the market.
“We stand at the forefront of a new era in aerial logistics, and this achievement reinforces our commitment to responsible and innovative drone solutions.”, commented Mr. Arjun Naik, Founder & CEO, Scandron Private Limited.
Keeping a purview of one year, the company’s stock delivered multibagger returns of 430 percent to its stakeholders, viz, if someone had invested Rs 1 lakh into the company’s stock a year ago, it would have converted to Rs 5.30 lakhs.
During the recent financial quarters, the company’s prime indicators of business, i.e., operating revenues as well as after-tax profits, saw an opposing movement with the former, on one end, slipping from Rs 154 crores during Q2FY24 to Rs 131 crores during Q3FY24 and the latter, during the same time horizon, rose marginally from Rs 22 crores to Rs 23 crores.
Founded in 1981, Magellanic Cloud Limited is engaged in the business of providing Information Technology (IT) services. The company is engaged in the domain of software development, digital transformation, consulting, DevOps, and recently ventured into FMCG products.
Written by Amit Madnani
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