Magellanic Cloud's Subsidiary Secures Letter of Intent from Manappuram Finance for AI-Powered E-Surveillance
Mumbai, June 30, 2026 — Magellanic Cloud Limited (NSE: MCLOUD), a provider of technology solutions, has announced that its wholly-owned subsidiary, IVIS International Private Limited, has received a Letter of Intent (LOI) from Manappuram Finance Limited. The proposed partnership focuses on delivering outsourced Command & Control Centre (CCC) e-surveillance services across Manappuram Finance's branch network.Under the scope of the proposed engagement, IVIS is set to deploy a comprehensive, end-to-end security solution across the gold loan institution’s extensive operations. This rollout involves the supply, installation, commissioning, centralized monitoring, and maintenance of advanced security infrastructure at the branches.
The partnership leverages several key technological aspects, including the use of IVIS' proprietary AI-powered Command & Control Centre platform. This system is designed to facilitate intelligent surveillance and real-time event monitoring for proactive security management. The service extends to automated alert handling, swift escalation protocols, and specialized monitoring of vault operations to safeguard high-value secured assets.
The initial deployment is proposed to cover approximately 1,000+ branches in a phased manner, pending definitive agreements and the issuance of subsequent Purchase Orders. This milestone marks a significant expansion point for Magellanic Cloud's footprint within the Banking, Financial Services, and Insurance (BFSI) sector, underscoring growing industry confidence in its enterprise security solutions.
Management commented on the announcement, stating that serving one of India’s premier gold loan institutions highlights increasing industry confidence in the company's AI-enabled surveillance and centralized security management capabilities.
The company clarified that while the LOI represents an important strategic step toward a long-term business relationship with Manappuram Finance Limited, it is currently non-binding. The final project scope, commercial terms, timelines, and overall contract value will be formalized once definitive agreements are executed and Purchase Orders are issued.
MCLOUD Stock Price Movement
As of 11:27 AM, shares of Magellanic Cloud Limited rally strongly to ₹30.28, pushing the stock up 6.32% in live trading. The gain occurs amid substantial activity as traded volume hits 21.34 million shares, with the equity currently ranging between a daily low of ₹27.97 and a high of ₹31.45.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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