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Friday, June 14, 2024

Elcom strikes deal to set up ITS on expy

The Saigon Times

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HCMC – Elcom Technology Communications Corporation, whose ELC shares are traded on the Hochiminh Stock Exchange (HOSE), has signed a contract to install and operate an intelligent transport system (ITS) on the 50-kilometer Dien Chau-Bai Vot Expressway.

The Dien Chau-Bai Vot section, which will start from Dien Chau District of Nghe An Province to Bai Vot District of Ha Tinh Province in north-central Vietnam, is one of the 11 subprojects of the country’s North-South Expressway project.

This is the first expressway section for which such a deal has been signed.

Under this turnkey contract, Elcom will implement activities such as surveying, construction design, supplying and installing equipment, integrating software and providing training, and transferring technology.

Elcom will set up a vehicle detection system, and will apply AI, IoT, Big Data, and Machine Learning to the system.

Earlier, Elcom had installed traffic monitoring, automatic weighing, and electronic toll collection systems in many provinces and cities in the nation.

Closing the trading session today, September 7, ELC bucked the market downtrend, gaining 5.4% against the previous session at VND16,500, with over 1.25 million shares changing hands.

The local stock market was hit by strong selling today.

The benchmark VN-Index of HOSE encountered the steepest fall in two months. It shed 34.23 points, or 2.68%, over the session earlier at 1,243.17, with only 71 advancers and up to 423 decliners.

Trade on the southern bourse improved 46% in volume and 39% in value compared to yesterday at over 845 million shares and more than VND20.1 trillion. Shares traded in block deals accounted for some VND1.5 trillion.

Similarly, the HNX-Index of the Hanoi market closed on a downbeat note as it lost 9.22 points, or 3.14%, versus the previous session at 284.05, with 41 winners and 171 losers. There were 103 million shares worth around VND2.2 trillion transacted on the northern bourse, up 47% in volume and 63% in value day-on-day.

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