Genesys International Corporation was locked in 5% upper circuit at Rs 584.30 after the company received an investment of Rs 250 crore equity led by Malabar India Fund and other marquee investors.
The 3D-mapping company has announced a Rs 250 crore round of equity investment, which is intended to accelerate the company's 3D digital twin content program.
The content platform, which was launched by Niti Aayog, is creating the most state of art mapping content for India thanks to the landmark new geospatial policy.
The investment round was led by Malabar India Fund with participation from other marquee investors, viz. Sundar Iyer, Mathew Cyriac, Inder Soni, Vijay Karnani, Ashish Nanda, Kamlesh Shah, Sanjana Deepak Gupta, and Abhinaya Chakravarthi.
The proposal was approved at the meeting of the board of directors held yesterday.
Sajid Malik chairman and managing director of the company said: This investment will be a key catalyst post the new Indian geospatial policy which has given a major fillip to our capabilities. We believe we will help leapfrog India's map ecosystem.
Genesys International Corporation is a pioneer in advanced mapping, survey, and geospatial services.
The company reported a consolidated net profit of Rs 6.57 crore in the quarter ended March 2022 as against net loss of Rs 26.97 crore during the previous quarter ended March 2021. Sales rose 13.52% YoY to Rs 35.44 crore in Q4 FY22.
On a year-to-date basis, the stock has zoomed 101.24% while the benchmark Sensex has lost 9.34% during the same period.
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