Penny Stock Below ₹10: Scanpoint Geomatics Surges 6% After Impressive Year of Growth

Scanpoint Geomatics, a small-cap penny stock, saw its share price rise by 6% on Wednesday, October 16, reaching ₹9.24. This increase follows the company’s announcement of expanding its services to tap into new market opportunities and grow its customer base.

In a filing to the stock exchange on Tuesday, the company revealed that its GIS-based mobile app, “Survey 360,” is now available for the B2C (business to consumer) market, in addition to its existing B2B (business to business) and B2G (business to government) operations. The updated app offers enhanced features for individual users, such as:

• Creating custom survey forms with various question types for field data collection
• Collecting spatial and location-based data
• Integrating with external Bluetooth GPS/GNSS devices for better accuracy
• Advanced data analysis through a powerful query builder
• Exporting survey data in GeoJSON format for easier sharing and processing

Scanpoint Geomatics Stock Performance

Scanpoint Geomatics has experienced a significant rise in its stock price, climbing from ₹4.31 on January 1, 2024, to ₹9.20 by October 16, reflecting a year-to-date increase of 113.46%. Over the past year, the stock has soared from ₹3.89 to ₹9.20, resulting in an impressive gain of 136.50%.

Earlier in the day, the stock was trading slightly up at ₹8.72, with a market capitalization of ₹146.59 crore. The stock is currently 22.4% below its 52-week high of ₹11.24.

In its Q1 FY25 report, Scanpoint Geomatics reported a 104% increase in net profit, with revenue from operations soaring by 417%. The company plans to enter new sectors, including commodities, solar projects, and EPC contracting, by leveraging its strengths in satellite image processing and GIS IT solutions.

Scanpoint Geomatics has developed its own technology platform, IGiS, which combines GIS, image processing, photogrammetry, and CAD into a single solution. The company works closely with clients to solve complex GIS challenges and has a long-standing partnership with ISRO. Its services cater to various sectors, including agriculture, defense, forestry, disaster management, land information, mining, power, smart cities, urban planning, utilities, and location-based services.