CE Info Systems Shares Surge 11% To Hit Record High Amid High Trading Volume
The stock has risen 20.5% in the last four trading sessions and 94.5% on a year-to-date basis.
Shares of CE Info Systems Ltd., which owns MapmyIndia, surged 11% on Thursday to hit an all-time high on the back of heavy volumes.
The total traded volume so far in the day stood at 16 times its 30-day average. The relative strength index was at 77, implying that the stock may be overbought.
It has risen 20.5% in the last four trading sessions and 94.5% on a year-to-date basis.
The provider of advanced digital maps saw all-time highs in revenue, Ebitda and profit in the first quarter of the current financial year. It is focusing on international business, with efforts to build international maps and expand its presence.
MapmyIndia's management recently gave a revenue guidance plan of Rs 1,000 crore by fiscal 2027 or 2028. For the current fiscal, it has already guided 40% revenue growth, with at least a 40% Ebitda margin, according to their August con call.
Shares of CE Info Systems rose as much as 11.17% intraday to a record high of Rs 2,108.95 apiece. It pared gains to close 7.4% higher at Rs 2,038.8 apiece, compared to a 0.98% decline in the benchmark NSE Nifty 50.
All three analysts tracking CE Info Systems maintain a 'buy' rating on the stock. The average of 12-month analyst price targets implies a potential downside of 5.1%.