India's CE Info Systems slides on Q2 profit drop

CE Info Systems

11/11/2024 06:21

** Shares of CE Info Systems  CEIF.NS  fall 7% to 1,914.90
rupees, set for worst day since May 2022
    ** Digital maps and geospatial software provider reports an
8% fall in Sept-qtr consol net profit at 303.3 mln rupees ($3.6
mln), hurt by higher expenses
    ** Q2 rev from ops rose ~14%
    ** More than 163,000 shares change, about 2x the 30-day
average 
    ** At least three out of seven analysts covering CEIF have
cut PT post results while one has raised; Avg rating at "buy";
median PT is 2,600 rupees - LSEG data
    ** Stock down ~2% so far this year vs a ~3% fall in peer
Infobeans Technologies  IFOB.NS  
    
($1 = 84.3800 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))