The order entails deployment of integrated e-surveillance systems at ATMs and cash recycling machines (CRMs).
The scope includes end-to-end implementation, covering installation, commissioning and maintenance of the systems under an OPEX model for a period of five years, the company said in a regulatory filing.
The contract is slated to be executed over five years.
The company added that the deal does not fall under related party transactions and that neither the promoter nor promoter group has any interest in the awarding entity.
Magellanic Cloud specializes in offering services pertaining to software development, digital transformation, generative artificial intelligence (GenAI), the internet of things (IoT), e-surveillance and advanced drone-based applications. The company's consolidated net profit declined 2% to Rs 28.63 crore on an 8.3% increase in revenue to Rs 163.93 crore in Q3 FY26 as compared with Q3 FY25.
Punjab and Sind Bank is a leading public sector bank and a major bank in northern India. The bank provides customer service through innovative products and services for different customer segments. The bank’s standalone net profit jumped 19.3% to Rs 336.42 crore on 8.6% increase in revenue from operations to Rs 3549.27 crore in Q3 FY26 over Q3 FY25. The scrip rose 2.44% to Rs 22.67 on the BSE.