homemarket Newsstocks NewsGenesys International in talks with other state governments for mapping projects after Andhra order
Genesys International in talks with other state governments for mapping projects after Andhra order
Shares of Genesys International have nearly doubled in 2022.
Genesys International, a leading player in the geospatial services sector in India, is in talks with other state governments for mapping projects similar to the one in Andhra Pradesh, the management told CNBC-TV18 in an interview.
The company announced on Tuesday that it has received an order worth Rs 46 crore for a land titling project from the government of Andhra Pradesh. The contract pertains to aerial photography data acquisition generation. The project is supposed to be completed by the end of the current financial year.
Land titling refers to a form of land reform in which private individuals and families are given formal property rights for the land they have previously occupied informally or on the basis of customary land tenure.
As part of the project, Genesys is set to demarcate residential zones, farms, and other natural and infrastructural characteristics, as well as property mapping and data digitisation across the state. The project is expected to be completed this fiscal year.
Chairman & Managing Director Sajid Malik told CNBC-TV18 that the company will use sensors to capture the 30,000 square kilometers land parcel in Andhra Pradesh. This order takes the company's order book in excess of Rs 200 crore.
The company did not give any guidance for the current financial year.
Genesys will be using CORS Network, GNSS Receiver, and Aerial Systems technology for this project. The company's recently launched Genesys Constellation, which is India's most comprehensive range of aerial, mobile, and terrestrial sensors that converts everyday objects into data sources, will be deployed for this project.
The company recently raised Rs 250 crore, which resulted in the dilution of the promoter's stake. As of mid-August, the promoters held a 40.66 percent stake in the company.
Shares of Genesys International are currently trading 1.3 percent lower at Rs 553.05. However, the stock has nearly doubled this year.
(Edited by : Rukmani Krishna)
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