Stocks of C.E. Info Systems (Map My India) witnessed a huge gain with 20 per cent upper circuit after the brokerage firm, Goldman Sachs began coverage of the stock with a bullish target price of Rs 2,800.
C.E. Info System stock hit a 20 per cent upper circuit at Rs 2,409 on the National Stock Exchange (NSE).
Goldman Sachs said that C.E. Info Systems poised to benefit from rise in connected vehicles that could see higher growth for its more profitable internet of things (IoT) business.
Brokerage further reiterated that IoT business will help maintain high earnings before interest, tax, depreciation and amortisation (EBITDA) margins in the range of 38 to 41 per cent and drive revenue compounded annual growth rate (CAGR) of 38 per cent between FY 24-27.
Four of five analysts tracking C.E. Info Systems rated it "buy" or higher, while one recommended ‘sell’, according to LSEG data.
C.E. Info Systems stocks also witnessed a surge in volume with over 3.2 million shares traded in the stock's busiest session since January 2022 against a 30-day average volume of 90,000 shares.
