Cyan forecasts 'growing demand' for smart metering solutions in India

The Indian market is gearing up for large scale deployment of advanced metering infrastructure, according to the predictions of software design company Cyan and recent indications from IMS Research.

The Indian market is gearing up for large scale deployment of advanced metering infrastructure, according to the predictions of software design company Cyan and recent indications from IMS Research.

AIM-listed Cyan said that it welcomed a recent forecast by IMS Research that smart utility meters would account for half of all global meter market revenues by 2016.

The company's smart metering solution for utilities, known by the trade mark CyLec, provides an integrated platform enabling utilities to transform existing power grid infrastructure into the smart grid.

A statement from the company read: "This prediction for the Asian market is of particular interest to Cyan, which has its smart metering solution for utilities deployed in multiple projects throughout India."

The company is involved in the Tamil Nadu Electricity Board's Automatic Meter Reading pilot project and it is also participating in a smart grid project in Puducherry through one of its partners.

Cyan is also involved in an Advanced Metering Infrastructure pilot project for an integrated power company in Mumbai through one of its strategic partners.

John Cronin, Executive Chairman of Cyan, commented: "In recent months we have seen how the Indian market is gearing up for large scale deployment of AMI. Our involvement in a number of pilot projects in India demonstrates the capabilities of our CyLec solution. We are confident that Cyan is well positioned to meet the growing demand for smart metering solutions in India and worldwide."

Cyan's shareprice was up 8.67% to 0.82p at 11:08 on Tuesday morning.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?
Bitcoin

“Joke” cryptocurrency dogecoin goes to the moon. What’s going on?

Dogecoin – a cryptocurrency created as a joke – has risen by more than 9,000% this year alone. Saloni Sardana looks at how something that began as an …
19 Apr 2021
The FTSE 100 has clawed back above 7,000 – how much higher can it go?
UK stockmarkets

The FTSE 100 has clawed back above 7,000 – how much higher can it go?

The FTSE 100 index has risen to over 7,000 for the first time in over a year – it now sits just above where it was in 1999. But its era of neglect cou…
19 Apr 2021
The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021