MapmyIndia Jump 10% As FM Proposes GIS Urban Land Records

SUMMARY

Shares of MapmyIndia’s parent C.E. Info Systems climbed up to 10% at INR 2,488 today after finance minister Nirmala Sitharaman announced that land records in urban areas will be digitised with GIS mapping

The stock was trading at INR 2,411.95 apiece at 1:29 PM on the BSE in the afternoon trade, up 6.6% from the previous close

A week ago, the digital mapping company was in discussions with partners to expand its products and platforms beyond India

Shares of geotech company MapmyIndia’s parent entity C.E. Info Systems climbed up to 10% at INR 2,488 in the intraday trade today after finance minister Nirmala Sitharaman during her Union Budget 2024-25 (FY25) speech announced that land records in urban areas will be digitised with GIS mapping.

The stock was trading at INR 2,411.95 apiece at 1:29 PM on the BSE in the afternoon trade, up 6.6% from the previous close.

In December 2021, shares of C.E. Info Systems got listed with a healthy premium of 53% on the BSE at INR 1,581 per share, against the issue price of INR 1,033.

A week ago, the digital mapping company was in discussions with partners to expand its products and platforms beyond India, targeting regions in Southeast Asia and the Middle East & North Africa, CEO Rohan Verma said.

In its 29th Annual Report for FY 2023-24, Verma said, “We are in conversation with our partners to take our products and platforms to geographies outside India, primarily Southeast Asia and the Middle East & North Africa .”

The BSE-listed company’s market capitalisation stood at INR 13,065.41 Cr.