Magellanic Cloud's subsidiary Scandron Pvt Ltd receives Type Certification for Unmanned Aircraft System

Scandron Private Limited, subsidiary of Magellanic Cloud Limited (BSE: MCloud), has received Type Certification for Unmanned Aircraft System (UAS) model "SNDAG010QX8". This drone spraying system is specifically engineered for agricultural agrochemical spraying, it boasts a sprayer tank with a maximum capacity of 8 liters, ensuring efficient and effective coverage across varied terrain and crop types.

It shall serve to be beneficial for the company by creating new revenue streams, expanding market reach with a target to sell at least 1000 to 2000 drones in the upcoming year by entering the drone manufacturing market which has the potential of growing exponentially over the next decade. This segment will not only add significantly to the top-line but being a high margin business, will contribute equally to the bottom-line. Further, it shall also contribute to the nation by promoting agricultural efficiency, job creation, environmental sustainability and by promoting the "Namo Drone Didi Scheme" launched by Prime Minister Narendra Modi to empower rural women by providing them with agricultural drones so they can generate additional income.

Shares of Magellanic Cloud Ltd was last trading in BSE at Rs. 624.30 as compared to the previous close of Rs. 619.20. The total number of shares traded during the day was 58104 in over 1300 trades.

The stock hit an intraday high of Rs. 625.85 and intraday low of 619.95. The net turnover during the day was Rs. 36276619.00.

Source : Equity Bulls

Keywords

MagellanicCloud INE613C01018 MCloud Scandron TypeCertification UnmannedAircraftSystem DroneSprayingSystem