Shares of Magal Security Systems Ltd. (USA) (NASDAQ:MAGS), gained 1.39% to $7.27. The 52-week range of the share price is from $4.08 – $8.00. The beta value for this stock stands at 0.82 points, while its earnings per share (EPS) was $0.01. The company has total market capitalization of $168.96M and a total of 22.92M outstanding shares.
Magal Security Systems Ltd. (NASDAQ: MAGS) declared that it has signed a cooperation agreement with Dynamatic Technologies Ltd. (NSE/BSE: DYNAMATECH), based in India. This new cooperation aims to answer the increasing market demand in India for high-end security products and solutions for critical infrastructure. It also aims to provide combined integrated border administration solutions (CIBMS) to address the challenges in securing India’s borders.
Magal has unique experience in perimeter security technologies and complex technological security projects. These include the protection of the borders of Israel, whilst Dynamatic Technologies has been a partner of the Indian Defence and Security establishment for over three decades.
Commented Saar Koursh, CEO of Magal, “We are very anxious with the potential from this cooperation agreement. We are confident it will facilitate us to increase our presence in the Indian security and homeland security market. The aim is to position ourselves, together with Dynamatic, as the first choice turn-key contractor and solution provider for both Indian governmental in addition to private sector customers. We are confident that combining Dynamatic’s and Magal’s proven technological capabilities, vast experience with border security in addition to an intimate knowledge of the Indian market, will benefit both Dynamatic and Magal. Last but not least, the administration of both companies share similar value sets and aims, factors that will facilitate raised synergies and cooperation.”
Commented Udayant Malhoutra, CEO & Managing Director of Dynamatic Technologies “We intend to bring in smart perimeter and security administration technologies that include intrusion detection and prevention on a real time basis. We will offer these technologies to military establishments to prevent infiltration by terrorists. In Addition To, these systems can be used to secure ports, airfields, industrial buildings, commercial establishments and other critical assets across the country. This furthers Dynamatic’s programs to successfully indigenize critical Military Industrial Capabilities under the national Make in India program. Magal has unparalleled knowledge and experience in integrated border security and we are anxious to be working jointly with them.”
The average true range of the stock is recorded at 0.36 and the relative strength index of the stock stands 53.73. The stock price is going above to its 52-week low with 78.43% and down from its 52-week high with -9.00%.
The stock has shown weekly performance of -3.19% and monthly performance stands at 8.66%. The stock price is trading upbeat from its 200 days moving average with 31.17% and down from 50 days moving average with 4.81%.
Analyst recommendation for this stock stands at 3.00.