MapMyIndia board to meet on November 27 to discuss raising funds; shares jump

CE Info Systems (MAPMYINDIA) shares jumped on Thursday after the digital map provider said its board will meet on November 27 to consider raising funds. The stock of the New Delhi-headquartered technology company—popularly known as MapMyIndia—gained by as much as Rs 140.5, or 6.4 per cent, to Rs 2,323 apiece on BSE, coming within Rs 17 of an all-time high registered last week. 

In a regulatory filing post-market hours on Wednesday, CE Info Systems said its board, at its scheduled meeting on November 27, will discuss and approve the proposed fundraising through permissible modes, including a private placement of shares, a qualified institutional placement of shares, preferential issuance, or a combination of methods as per applicable laws. 

The raising of funds will be subject to approvals of the regulatory as well as shareholders, the company said.    

How CE Info Systems (MAPMYINDIA) fared in Q2

In October, CE Info Systems staged a strong quarterly financial performance. Its consolidated profit jumped 29.9 per cent on a year-on-year basis to a record Rs 33 crore while revenue grew 19.3 per cent to a record Rs 91 cr for the quarter ended September 30, according to a regulatory filing. 

The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 34.1 per cent to Rs 40.9 crore.

The technology firm's margin, a key measure of a business's profitability, improved by 490 basis points (bps), or 4.9 percentage points, to 44.9 per cent for the quarter under review. 

The company logged its highest quarterly revenue, EBITDA and PAT.

Its management exuded confidence about the second half of the financial year, especially its final three months. 

CE Info Systems (MAPMYINDIA) shares: Past performance 

CE Info Systems shares have grown nearly eight per cent in value so far in 2023, in line with an 8.9 per cent rise in the headline Nifty50 index.

What does CE Info Systems do?

CE Info Systems operates in three main businesses: digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS). 

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