Heavy buying witnessed: This smallcap stock got locked at upper circuit to make a new 52-week high!

In the past 6 months, the company has witnessed heavy buying and has zoomed more than 80 per cent

On Friday, shares of Magallenic Cloud zoomed and got locked at 5 per cent upper circuit to make a new 52-week high at Rs 582.85. The scrip recorded heavy trade in volume and remained a popular counter for the investors.

The company informed the exchange that though its wholly owned subsidiary, it has secured an order to provide end-to-end implementation and management of E-surveillance of ATM sites in 8 geographical circles spread across India. The contract is awarded post competitive bidding and will enable the company to provide E-Surveillance services to 3,032 ATM sites of a well-known public sector bank.

Through this contract, the company is expected to generate revenues to the tune of Rs 13 crore for five year contract period. This order will likely yield healthy profit margins and add a new reputable client to their existing list of marquee clientele.

Magellanic Cloud engages in software development, digital transformation, DevOps space, and human capital businesses. The company also provides AI/ML driven IT consulting services. It offers world class digital transformation solutions to global businesses and has invested in leading companies operating in IT services, E-surveillance and drones to have a competitive edge at scale.

In the past 6 months, the company has witnessed heavy buying and has zoomed more than 80 per cent. In the last one month, the stock has rallied more than 30 per cent while it has given multibagger returns of more than 1800 per cent in 3 years. Keep a close eye on this trending stock.