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Equity | News | Hot Pursuit
Hot Pursuit
Vedavaag System jumps on launching software embedded healthcare device
(13:12, 15 Sep 2021)

The artificial intelligence (AI) and machine learning (ML) division of Vedavaag has designed and developed PAMS, a cloud enabled software embedded device that helps in taking timely action in saving precious lives of the people.

The patient activity such as physiological conditions, limbs movements, vital parameters data is captured and analysed and presented to the attending nurses/doctors for remedial action.

Prototype phase is in the advanced stages to take it to marketplace, the company said in a release.

PAMS also helps in remote monitoring, virtual rounding of the wards without compromising on patient care, saving valuable time of doctors/specialists and helps in optimizing the nursing administration costs.

On a consolidated basis, net profit of Vedavaag Systems rose 68.42% to Rs 2.24 crore on 88.09% increase in net sales to Rs 22.10 crore in Q1 June 2021 over Q1 June 2020.

Hyderabad-based Vedavaag Systems is a national business correspondent for SBI, Baroda UP Bank, Bank of Baroda with about 2754 CSP outlets. Additional 789 CSP outlets will be operational in October/November. Vedavaag is also selected as Business Correspondent by Punjab National Bank for financial inclusion.

Vedavaag is certified by IRDA to provide insurance products and is currently offering SBI Life and general insurance products.

The company has also entered into new age technologies in Al & ML segment by introducing cloud based product - Driver Alertness Monitoring System known as V-DAMS and is in the process of developing Artificial Intelligence and cloud based IoT products for other industry segments.

The current market capitalisation of Vedavaag Systems is Rs 152.34 crore. On the BSE, 4.18 lakh shares were traded on the counter so far compared with an average daily volume of 99,000 shares in the past two weeks.

Shares of Vedavaag have jumped 18.91% in four straight sessions. In the past one month, the stock has jumped 11.68% as against 5.73% rise in the Sensex. It has surged over 141% in the past one year compared with 50.13% rise in the Sensex.

On the technical front, the stock's RSI (relative strength index) stood at 75.68. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day simple moving average (SMA) placed at 58.14 and 200-day SMA at 57.27.

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