Heavy buying & 220 per cent returns: Back-to-back upper circuit in this multibagger stock; bags first major drone order worth Rs 43 crore!
Shares of the company have gained about 30 per cent in the last six months.
Shares of Magellanic Cloud Limited were locked in the upper circuit on Tuesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit. In the last six months, the stock has gained about 30 per cent.
The company has secured a major order for logistics drones worth Rs 43 crore. This marks the company’s entry into the high-potential logistics sector and includes 45 CargoMax series drone kits for a robotics firm. The kits will be manufactured in Bangalore and include training for operation. Magellanic Cloud’s subsidiary, Scandron, is the first Indian company to receive DGCA approval for logistics drones.
This significant order capitalizes on India’s booming e-commerce sector, where the last-mile delivery segment alone is valued at USD 6 billion and growing at 15 per cent annually. Magellanic Cloud seeks to automate this market with its DGCA-approved drones and become a major player in this rapidly growing market.
Shares of Magellanic Cloud Limited have also delivered multibagger returns to their shareholders in the last one year. During this period, the company’s share price jumped from Rs 189.10 on May 02, 2023, to Rs 608.15 on April 30, 2024, an increase of about 220 per cent in a one-year holding period.
Magellanic Cloud Limited was originally incorporated with ROC, Kolkata in 1981 in the name of South India Projects Limited. It is present in Europe, 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.
The stock has shown tremendous growth and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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