Honeywell Automation rose over 3% to hit an intraday high at Rs.44,120; it has come off this high and is now trading at Rs.43,014 levels. Its 52-week high is at Rs.49,805.
The stock price reacted positively to the news that it has been selected to lead the Bengaluru Safe City project under the Nirbhaya Fund by the Government of India.
An initiative of the Ministry of Home Affairs, the project aims to create a safe, secure and empowering environment for women and girls in public places to enable them to pursue all opportunities without the threat of gender- based violence or harassment.
The Bengaluru Safe City project is valued at Rs.496.57 crore.
Honeywell will create an integrated Command & Control Center to manage a state-of-the-art video system that features more than 7,000 video cameras deployed at more than 3,000 locations across the city. The video system will provide advanced video analytics, including facial recognition, a “Dial 100” application and drones. Honeywell will also upgrade the city police department’s existing Suraksha app to help improve incident response rate and citizen engagement.
The Bengaluru Safe City project will be implemented in phases. Honeywell will operate and maintain the security infrastructure for five years.