Block deal: CE Info Systems drops 6% as promoter likely sells 1% stake

Shares of CE Info Systems dropped by 6 per cent at Rs 2,271 per share on the BSE in Wednesday’s intraday trade. The stock price has corrected 14.3 per cent from its 52-week high of Rs 2745, touched on June 21, 2024. The stock had hit a 52-week low of Rs 1,164.30 on July 05, 2023. 

The recent downturn in stock price, however, came after the company’s promoter and managing director, Rakesh Kumar Verma on Wednesday sold 6.1 lakh shares, representing a 1.1 percent stake in the company, according to reports.

The block deal worth Rs 142.60 crore was executed at a floor price of Rs 2,332 per share, which represented a discount of over 3 percent compared to the stock's previous closing price of Rs 2,413.90 per share.

 

CE Info Systems, the parent company of MapmyIndia, reported a 35.11 per cent surge in profit after tax (PAT) for the March quarter of fiscal year 2023-24 to Rs 38.25 crore, compared to Rs 28.31 crore in the same period last year.

During the fourth quarter of FY24, revenue from operations increased by 47 percent to Rs 106.9 crore, up from Rs 72.47 crore in the corresponding quarter of the previous fiscal year.

For the full fiscal year 2023-24, CE Info Systems reported a PAT growth of about 25 percent, reaching Rs 134.38 crore compared to Rs 107.53 crore in the previous year. The annual revenue from operations also showed a strong growth of 34.8 percent, amounting to Rs 379.42 crore, up from Rs 281.46 crore in FY23.

At 11:43 PM; the company’s share was trading 4.85 per cent at Rs 2,298.95 per share on BSE. By comparison the BSE Sensex was up by 0.46 per cent at 78,415 levels. 

CE Info Systems operates as a data and technology products and platforms company, offering digital maps, geospatial software, and location-based IoT technology solutions.