FIIs bought 5,93,905 shares: This multibagger smallcap IT stock wins Rs 190 crore contract for development of a smart industrial city in Taloja, Navi Mumbai!

Shares of the company grew by more than 50 per cent in the last one year.

Allied Digital won an Rs. 190 crore project to develop a smart industrial city in Taloja, Navi Mumbai. The 18-month project with a 5-year maintenance phase aims to create a connected and efficient industrial environment. It includes an Integrated Command & Control Center, CCTV, smart poles with sensors, and a smart water metering system. For communication, there will be displays and a fiber optic network.

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The company will also use drones to create a 3D map for better planning. This project showcases Allied Digital's expertise in smart city solutions and their contribution to building advanced and sustainable urban environments.

In Q3FY24, the company posted a 1.77 per cent decrease in its consolidated revenue at Rs 171.08 crore compared to Rs 174.17 crore from the previous year’s corresponding quarter. The operating profit of the company stood at Rs 21.26 crore, while the PAT of the company stood at Rs 11.69 crore, from Rs 19.28 crore last year in the same quarter.

Allied Digital Services Limited is an IT services company providing services of designing, developing, deploying digital solutions, and delivering end-to-end IT infrastructure services, enterprise applications, and integrated solutions. The company has a presence in India, the USA, UK, Singapore, Australia, and Finland. The shares of the company have multibagger returns of about 200 per cent in the last three years and FIIs bought 5,93,905 shares of the company in December 2023 respectively.

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