CyanConnode (LON:CYAN), the narrowband radio network specialist, saw its shares surge on Tuesday on news it has landed an US$11.6mln smart-metering contract with an unnamed Indian utility.
It brings the company’s order book to US$110mln. Today’s deal is a hardware and perpetual software licence for the company’s Omnimesh technology, launched earlier this year.
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“The size and scale of this opportunity reflect the rapidly evolving Indian market as well as the ability of CyanConnode's tier-one Partners to offer highly innovative and workable solutions," the group said.
In afternoon trading, CyanConnode shares topped the London market gainers, leaping 48.5% higher to 10.025p.
In a note to clients, analysts at 'house' broker finnCap said the deal "highlights the huge opportunity in the Indian market, CyanConnode’s strong position in that region and the imminence of major deployments after a raft of pilot project wins."
But, they added; "At this stage we make no change to forecasts and note the company’s need for funding in the near term to deliver on the huge opportunity."
-- Adds share price, analyst comment --