Shares of MapmyIndia jumped up sharply on Friday after announcing the massive order.
What Happened: The company informed the exchanges on Friday that it has secured a ₹400 crore order. The order includes Real-Time and Predictive Traffic, Mobile Software Development Kit (SDK), Online Search, and Call Centre Maps.
The license will be utilized for Embedded Connected Navigation and Connected Car Services as part of Hyundai and Kia’s Original Equipment Manufacturer (OEM) business in India. This collaboration aims to enhance the navigation and connected services offered in Hyundai and Kia cars in the Indian market. The contract is for a period of five years.
Shares of the company that were upbeat received a massive bump as soon as the announcement was made at around 12:00 pm. MapmyIndia’s share price surged up over 5% to hit an intraday high of ₹2,078.
The geotech startup reported its quarterly results earlier this week. The company’s consolidated profit after tax was at ₹31.1 crore in the December quarter, an increase of about 5% from ₹29.7 crore in the same quarter of the previous year. The company’s revenue from operations witnessed a growth of 36% year on year, reaching ₹92.02 crore compared to ₹67.7 crore in the same quarter last year.
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Reacting to the results, Yes Securities maintained its “buy” rating for the stock but cut the target price to ₹2,500 from ₹2,625.
Price Action: MapmyIndia’s share price was up 2.69% to trade at ₹2,020 on Friday afternoon.
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