Multibagger CE Infosystems hits fresh 52 week high, stock up 24% in 7 sessions
CE Infosystems, which operates MapMyIndia jumped 11% to hit their 52-week high of Rs 2,109 on the NSE in Thursday's trade remaining unbeaten in six out of last seven trading sessions. The ongoing rally has taken stock's gains to more than 24% over this period.
The multibagger stock has given returns of over 114% since hitting its 52-week low of Rs 984.05 in April this year.
Today's price action puts the stock of MapMyIndia in the overbought zone with momentum indicator RSI at 70.9 while MFI approaches the overbought zone. A number above 70 indicates that the stock is hovering in the overbought zone.
The current levels are also above their 50-day and 200-day Simple Moving Averages (SMAs).
Commenting on the rally, analyst Jigar S Patel said that today's gains have taken the stock to its all-time high of Rs 1,911 and the counter looks lucrative due to its recent upward move. However, he advised investors to remain cautious since the weekly MACD looked exhausted.
The one-year returns stand around 55% as against 17% returned by the Nifty50 during this period.
Despite the uptick, the stock has been stable in terms of volatility and traded with a 1-year beta of 0.5 according to Trendlyne data.
The market capitalisation of the company stood at Rs 11,165.83 crore while the traded value of the stock stood at Rs 153.29 crore around 10:20 am.
The digital map company posted a nearly 18% year-on-year (YoY) increase in its consolidated net profit at Rs 24.2 crore in the April-June quarter of FY23.
The company had recorded a profit of Rs 20.6 crore in the same period a year ago. The revenue from operations of MapMyIndia grew by about 50% to Rs 65 crore during the reported quarter from Rs 43.35 crore in the June 2021 quarter.
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