CE Info Systems surge 6.5% as board to consider fund-raising plan

CE Info Systems posted a 30.3 per cent increase in consolidated profit in Q2.

CE Info Systems, operator of MapmyIndia, jumped 6.5 percent on November 23 morning after the company said its board will meet on November 27 to consider fund-raising plans.

The location-based Internet of Things (IoT) technologies provider said the board will “discuss, consider and approve the proposal of raising the funds by way of issuance of equity shares”.

This could be via a private placement, a qualified institutions placement, preferential issue or any other method or combination as may be permitted under applicable laws, CE Info Systems said in a regulatory filing.

At 11.10am, the stock was trading at Rs 2,256.7 on the BSE, up 3.4 percent from the closing price of the previous session.

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In the September quarter, CE Info Systems posted a 30.3 percent year-on-year increase in consolidated profit after tax at Rs 33.1 crore

MapmyIndia CEO and Executive Director Rohan Verma said the revenue growth in the April-September period was broad-based, with Automotive and Mobility (A&M) technology registering a 23.5 percent growth and consumer technology and enterprise digital transformation solution suite growing 32.2 percent.

Mark Mobius is among the investors enthused by MapmyIndia, which provides mapping and utility services. "Seeing MapmyIndia soar confirms our belief in their vision. The company is doing a terrific job in mapping and location technology," he wrote on Linkedin on October 18.

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