India's CE Info Systems surges to record after Goldman's street-high PT

CE Info Systems

20/06/2024 07:21

** Shares of CE Info Systems Ltd  CEIF.NS  up 20% at record
2,409.65 rupees
    ** Stock set for best day on record
    ** Goldman Sachs begins coverage of digital mapping firm
with "buy" and street-high PT of 2,800 rupees
    ** Brokerage says CEIF poised to benefit from rise in
connected vehicles that could see higher growth for its more
profitable internet of things (IoT) business
    ** IoT business will help maintain high EBITDA margins in
range of 38%-41%, drive revenue CAGR of 38% between FY24-27 -
Goldman
    ** Four of five analysts tracking CEIF rate it "buy" or
higher, one rates it "sell" - LSEG data
    ** Over 3.2 mln shares traded in stock's busiest session
since January 2022 vs 30-day avg volume of 90,000 shares
    ** Stock extends YTD gains to ~24%


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))