Veritas, collaborating with Genesys International Corporation Limited, has clinched a significant contract from the Brihanmumbai Municipal Corporation (BMC), cementing its foothold in urban development initiatives. This partnership is tasked with spearheading a transformative project aimed at developing, implementing, and maintaining a cutting-edge 3D City model along with change detection leveraging Geospatial Technology, catering to BMC’s evolving needs.
The promising news sent ripples across the market, propelling Veritas (India) shares to scale new heights. The stock witnessed a remarkable surge, hitting the upper circuit and soaring to a pinnacle, touching a 52-week high of Rs 950.55 during the early trading session on March 19.
As the trading day unfolded, Veritas’ stock continued its upward trajectory on the Bombay Stock Exchange (BSE), quoting at Rs 950.55 at 9:40 am. This uptick translated into a substantial gain of Rs 18.60, marking a notable 2 percent increase from the previous session’s closing.
The bullish sentiment surrounding Veritas was further underscored by the market dynamics, with a conspicuous absence of sellers and a significant presence of pending buy orders, totaling 31,115 shares, underscoring investor optimism and confidence in the company’s prospects.
In its official statement, Veritas shed light on the magnitude of the BMC project, emphasizing its commitment to driving innovation and technological advancements in urban infrastructure development. The company’s pivotal role in this transformative endeavor underscores its expertise and capabilities in delivering impactful solutions tailored to meet the evolving demands of civic bodies and urban landscapes.
In response to evolving circumstances and to ensure seamless stakeholder engagement, the company has convened an Extraordinary General Meeting (EGM) scheduled for March 21. Recognizing the need for flexibility and accessibility, the meeting will be conducted via video conference and other audio-visual means, enabling shareholders to participate remotely from any location. This innovative approach underscores the company’s commitment to transparency, inclusivity, and efficient corporate governance practices. Through this interactive platform, shareholders will have the opportunity to actively engage in discussions, express their viewpoints, and contribute to strategic decision-making processes, fostering a collaborative environment conducive to driving sustainable growth and value creation.
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