Scanpoint Geomatics Shares Surge Amid Indian Armed Forces Project Shortlisting

Scanpoint Geomatics witnessed a marked increase in its share price on Friday, escalating over 3 percent and continuing its upward trend for the fifth consecutive session. The shares of the small-cap IT services and software company appreciated by as much as 3.64 percent to reach ₹9.95 per share on the Bombay Stock Exchange (BSE), following a 12 percent increase over the past week.

This surge in stock price follows the company’s announcement of being shortlisted for a significant project with the Indian armed forces. In a filing dated September 30, Scanpoint Geomatics stated, “We are pleased to inform all the stakeholders that Scanpoint Geomatics Limited (the Company) has successfully achieved a significant milestone by being shortlisted for a prestigious project of the Indian armed forces, specifically under the ‘MAKE – II‘ and IDDM (Indian Design Development and Manufacturing) initiatives.”

The project is part of a broader strategy aimed at fostering indigenous design, development, and manufacturing capabilities within the armed forces, according to the company’s statement.

In addition to this strategic development, Scanpoint Geomatics reported a considerable increase in its financial performance for the quarter ending in June 2024. The company’s revenue for the first quarter of fiscal year 2025 saw a substantial rise of 416.83 percent, amounting to ₹17.75 crore compared to ₹3.43 crore in the same quarter of the previous year. Meanwhile, net profit for the April-June quarter increased by 104.48 percent to ₹0.47 crore from ₹0.23 crore year-over-year.

Throughout the last month, the value of Scanpoint Geomatics shares rose over 14 percent and has surged more than 94 percent on a year-to-date basis. The stock achieved a 52-week high of ₹11.24 per share on August 13, 2024, contrasting with a 52-week low of ₹3.76 per share recorded on March 6, 2024. At 11:30 am on the latest trading day, Scanpoint Geomatics shares were trading 3.65 percent higher, priced at ₹9.95 per share on the BSE.