Magellanic Cloud rises as its arm receives DGCA Type Certification for Logistics Drone
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Magellanic Cloud is currently trading at Rs. 623.75, up by 5.95 points or 0.96% from its previous closing of Rs. 617.80 on the BSE.
The scrip opened at Rs. 633.90 and has touched a high and low of Rs. 638.00 and Rs. 622.10 respectively. So far 19073 shares were traded on the counter.
The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 660.00 on 09-Feb-2024 and a 52 week low of Rs. 115.28 on 20-Feb-2023.
Last one week high and low of the scrip stood at Rs. 640.00 and Rs. 600.25 respectively. The current market cap of the company is Rs. 7362.79 crore.
The promoters holding in the company stood at 58.64%, while Institutions and Non-Institutions held 0.44% and 40.92% respectively.
Magellanic Cloud’s subsidiary -- Scandron has become the first company in India to receive a DGCA Type Certification for Logistics Drone, the CargoMax 500HE. This historic milestone achievement demonstrates Scandron's commitment to technological innovation with drones and its commitment to ensuring compliance with all regulatory requirements to ensure safe drone operations. With this certification, Scandron is uniquely positioned to revolutionize logistics and supply chain management, enabling efficient and timely delivery for companies that are adopting drones in their supply chain.
The launch of a DGCA Type Approved Logistics Drone facilitates critical medical deliveries to remote regions, streamlines e-commerce logistics, and enhances mid and last-mile delivery. Scandron recently entered into a strategic partnership with CriticaLog India to offer comprehensive B2B and hub-to-hub drone delivery solutions across 160 Indian cities.
Receiving DGCA Type Certification for the CargoMax 500HE Logistics drone, enables Scandron and Criticalog to operationalize their partnership and introduce innovative dronebased logistics solutions to the market. This partnership leverages Scandron's CargoMax series of logistics drones manufactured in its Bengaluru facility and CriticaLog's expertise in logistics to enhance delivery services in various sectors, including healthcare, e-commerce, and NFO.
Magellanic Cloud is global Leaders in Software Development, Digital Transformation, DevOps space.
