KUALA LUMPUR (Sept 24): Shares in Nova MSC Bhd rose 2.94% in active trade this morning after the company wholly-owned subsidiary, novaCITYNETS Pte Ltd (NCN), had bagged a RM4.65 million contract from the Urban Redevelopment Authority of Singapore to implement and provide maintenance support for an Intelligent Code Checking System (ICCS).

At 9.15am, Nova MSC rose 0.5 sen to 17.5 sen with 9.67 million shares done.

In a statement last Thursday, Nova MSC said the contract involves the adoption of Nova MSC’s cutting-edge FORNAX ePlanCheck system to undertake the implementation of the ICCS in the city-state.

FORNAX is a module driven by Artificial Intelligence to automate the checking process of 3D BIM Building Plans and compute the Gross Floor Area (GFA), thus cutting down the process of manual GFA calculation to just hours, as compared to several weeks previously.

The contract marks Nova MSC’s second government contract in Singapore after its RM15.4 million contract from the Public Utilities Board, which was clinched in June 2018.

Meanwhile, AllianceDBS Research said Nova MSC had on Sept 21 tested previous day’s high of 17.5 sen before closing at 17 sen(up 0.5 sen or 3.03%).

In its evening edition last Friday, the research house said Novamsc continued to stay below the 50-day MA line, but beating around the 20-day MA line in the last 6 days.

“Following the up close on Sept 21, the stock is likely to move higher with immediate hurdle at 17.5 sen.

“A crossover of 17.5 sen should see further price rise to the next overhead resistance at 19 sen.

“The support is pegged at 15.5 sen. A fall below 15.5 sen would put pressure on the stock down to the subsequent support at 14.5 sen,” it said.

AllianceDBS Research said stock volume traded on Sept 21 was 20.2 million shares compared to the 3-month average volume of 29.2 million shares.