Allied Digital Share Price Surges After Securing Rs 430-Crore Pune Safe City Project
Allied Digital Services has been awarded the Pune Safe City Project with a total contract value exceeding Rs 430 crore.
Shares of Allied Digital Services Ltd. rose over 12% after the company announced that it has been awarded the Pune Safe City Project with a total contract value exceeding Rs 430 crore.
This six-year project, developed in collaboration with the Pune Police and the Government of Maharashtra's Home Department, will enhance the security infrastructure of Pune.
The project involves the design, integration, and implementation of a comprehensive surveillance system, including the deployment of over 4,000 artificial intelligence-enabled cameras at more than 1,400 strategic locations across the city.
In surveillance coverage, the first track involves operations and maintenance of existing cameras for six years, while the second track includes the implementation of new infrastructure over 12 months, followed by five years of O&M.
For advanced technology the system will incorporate AI-enabled video analytics, automatic number plate recognition, vehicle over speed detection system, facial recognition system, drones, and mobile surveillance vans.
The Command-and-Control Center at the Commissioner of Police office and the supporting Data Center will be enhanced with additional capacity and advanced software for improved efficiency and 24/7 real-time monitoring in terms of infrastructure upgrades.
Allied Digital, established in 1984, provides IT consulting and managed services to clients in over 70 countries. The company previously executed a Smart City Project in Pune in 2015 and employs more than 3,000 professionals globally.
Allied Digital Share Price
Shares of Allied Digital rose as much as 12.39%, before paring gains to trade 9.51% higher at Rs 267.80 apiece as of 12:52 a.m., compared to a 0.67% advance in the NSE Nifty 50.
The stock has risen 123.45% in the last 12 months. Total traded volume so far in the day stood at 0.5 times its 30-day average. The relative strength index was at 50.
The one analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an downside of 0.7%.
