BackMapmyIndia shares see profit-booking post listing. Should you buy?
MapmyIndia share price: Retail investors have got robust listing gain but due to HNI selling, the stock is witnessing downside movement after strong listing, believe stock market experts
PremiumMapmyIndia shares made a strong debut in the primary markets today as CE Info Systems shares listed at ₹1565 apiece levels on NSE, which is around 51.50 per cent higher from its issue price of ₹1000 to ₹1033 per equity share. According to stock market experts, retail investors have got robust listing gain but due to HNI selling, the stock is witnessing downside movement after strong listing. Experts went on to add that any dip in the stock should be seen as buying opportunity in the debt-free company stock, which is very strong fundamentals.
Suggesting buy on dips in MapmyIndia shares; Avinash Gorakshkar, Head of Research at Profitmart Securities said, "MapmyIndia is a debt-free company with strong fundamentals as it is the only profit making company in India competing against Google maps. So, the business model of the company looks profitable and it is a digital company, which has strong future post-Covid 19 pandemic. The profit booking taking place post strong listing is caused by the panic selling by HNIs as they have incurred loss in this public issue. But, for retail investors, it is a quality stock that one can keep in one's stock portfolio for long term."
Avinash Gorakshkar of Profitmart Securities went on to add that MapmyIndia share price coming down to near ₹1300 apiece levels should be seen as buying opportunity retail investors and they should keep on accumulating on any further dip of 4-5 per cent further.
Santosh Meena, Head of Research at Swastika Investmart Ltd said, "Financially, the company is doing well and its business model is sustainable. In spite of the fact that the IPO was purely OFS based, it attracted investors and got subscribed 154 times. The new edge technologies, such as SaaS, PaaS, and MaaS platform providers, are poised to have a bright future. The IPO got listed at ₹1565 per share, which is a 51.50 per cent premium over the issue price of ₹1033. Investors who applied for the IPO's listing gain should book profit and long-term investors who got allotments should continue to hold the stock. New investors can also look for buying in the dips."
Advising MapmyIndia shareholders to book profit and accumulate on dips; Manoj Dalmia, Founder & Director at Proficient Equities Limited said, "The global market sentiments are negative amid Fed's tapering of interest rates and Omicron spread. We advise allottees to book profits and accumulate on dips."
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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