Shares of MapmyIndia surged up over 6% on Thursday morning to hit an intraday high of ₹2,323.
What Happened: The surge today comes as the company on Wednesday informed that it would be holding a board meeting to consider raising funds. The board will look at “raising the funds by way of issuance of
equity shares through a private placement, a qualified institution placement, preferential issue or any other method or combination of methods,” the tech company said in an exchange filing.
The board meeting is scheduled for Nov. 27. The geotech company, released its earnings for the quarter ending September earlier this month. The company’s profit after tax rose by 30.4%, reaching ₹33.1 crore, compared to ₹25.4 crore in the same quarter of the previous year.
Revenue from operations, which increased by 19.4% to ₹91.1 crore. This is a significant rise from the ₹76.3 crore reported in the corresponding quarter of the previous year. Mark Mobius’ Mobius Capital Partners LLP holds a 0.74% stake in MapmyIndia.
Price Action: MapmyIndia’s share price was up 2.80% to trade at ₹2,242.70 in early trade on Thursday.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.