Allied Digital shares surged over 18 percent in trade on October 8 after the the small cap company bagged a major order of over Rs 430 crore. The company entered into a collaboration with the Pune Police and the Government of Maharashtra to deploy AI-enabled cameras in Pune.
The mega order led to sharp up move in the price movement with the stock touching an intraday high of Rs 288.9 per share on the NSE, rising 18.14 percent. The counter witnessed trade reversal as it gained after 3 days of consecutive fall for the last trading sessions.
The scrip settled at Rs 283.15 apiece on the NSE, advancing 15.78 percent. A total of 3.05 lakh shares changed hands today of Allied Digital Services generating a total turnover of Rs 8.32 crore. The small cap company has a market cap of Rs 1,581.18 crore, as per BSE website. The shares of the company have a PE of 61.61x. In volume terms, over 24 lakh shares of the company were traded on the NSE during the day.
The company in an exchange filing on Tuesday, said "This significant project will see Allied Digital design, architect, integrate, implement, and customize a comprehensive set of solutions to enhance Pune's security infrastructure."
The company will deploy more than 4,000 Artificial Intelligence (AI) enabled cameras in over 1,400 strategic locations throughout Pune city, it added.
According to the data available on the BSE, the stock has delivered multibagger returns in 2024 so far, rising 107.59 percent. In the last three years, the shares advanced 232.84 percent higher.
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