2600 per cent returns and FIIs increase stake: This multibagger IT stock bags new order worth Rs 42 crore from a Major Public Sector Bank!

Shares of the company gained over 90 per cent in the last six months.

Magellanic Cloud (MCloud) and its subsidiary iVIS have secured a significant contract from a prominent public sector bank in India. This landmark deal involves the end-to-end implementation and management of e-surveillance services for a staggering 2,000 ATM sites across the country. Awarded through a competitive bidding process, the 5-year contract boasts cutting-edge features like remote surveillance, cloud storage, AI-powered facial recognition, and real-time actionable intelligence. The contract is worth Rs 42 crores.

This significant win not only positions MCloud for healthy profits but also reinforces its commitment to delivering top-tier security solutions. Notably, iVIS, the driving force behind the project, has undergone a five-fold expansion to meet the project's demands, showcasing its efficiency and scalability. This major contract solidifies MCloud's position as a leading provider of comprehensive e-surveillance solutions, tailored to meet the evolving needs of the financial sector.

Magellanic Cloud Limited was originally incorporated with ROC, Kolkata in 1981 in the name of South India Projects Limited. It is present in Europe, the USA and Asia. The company provides its IT services in software development, consulting, and human resource business solutions i.e. listing employment vacancies and referring or placing applicants for employment. FIIs have also increased their stake in the company.

The stock also delivered multibagger returns of over 2600 per cent in the last three years. Investors should keep a close eye on this stock.

Disclaimer: The article is for informational purposes only and not investment advice.