On Thursday’s trading session, the shares of India’s leading deep-tech digital map data, geospatial software, and location-based IoT products company slumped 10.6 percent on BSE to hit an intraday low at Rs. 2,216.95, after Google cut the pricing of Maps Platform.
At 03:17 p.m., the shares of C.E. Info Systems Limited were trading in the red at Rs. 2,377.9, down by 4.1 percent, compared to its previous closing price of Rs. 2,479.3, with a market capitalisation of Rs. 12,857.8 crores.
What’s the News:
The fluctuations in the share prices of C.E. Info Systems were observed when Google announced it would lower map prices for developers in India.
This comes after Bhavish Aggarwal, CEO of Ola, announced that Ola Cabs would adopt their own Ola Maps instead of Google Maps, aiming to save Rs. 100 crore. Aggarwal also encouraged developers to utilise Ola Maps by offering free access for a year.
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Google has now announced plans to reduce prices of the Google Maps Platform by up to 70 percent starting August 1 for Indian developers, as CNBC reported citing Moneycontrol. To simplify building location-based solutions, the company has introduced a new pricing structure for each country.
This announcement was made by the tech giant Google at its developer event, Google I/O Connect, held in Bengaluru on July 17. Further, Google will also start accepting payments in Indian rupees, whereas previously, payments were in US dollars.
In addition, Google will collaborate with the Open Network for Digital Commerce (ONDC) to offer additional discounts for a limited time to developers working for ONDC.
According to Moneycontrol, as a result of this, certain Google Maps Platform APIs crucial for e-commerce and related applications may see discounts of up to 90 percent.
The company aims to make Google Maps more accessible to developers interested in creating location-based solutions in India.
Financials:
Financially, the company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 47.6 percent from Rs. 72.5 crore in Q4 FY22-23 to Rs. 107 crore in Q4 FY23-24.
Similarly, its net profit increased during the same period from Rs. 28.3 crore to Rs. 38.2 crore, indicating a growth of 35 percent YoY.
Stock performance:
The stock has delivered positive returns of nearly 60.7 percent in one year, as well as around 17.7 percent returns in the last six months. So far in 2024, the shares of CE Info Systems have given about 19.8 percent of positive returns.
About the company:
Incorporated in 1995, C.E. Info Systems Limited, popularly known as Mapmylndia, is India’s leading deep-tech digital map data, geospatial software and location-based IoT products, platforms, solutions and APIs company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS).
The company provides its digital maps, software products, platforms, application programming interfaces (APIs), IoT and solutions to new-age tech companies, businesses across industry verticals, automotive OEMs, government organisations, developers and consumers.
In the year 2021, the company launched real-time maps of COVID-19 vaccine centres on CoWIN and in the same year, it also went public and got listed on the Indian stock exchanges.
Written by Shivani Singh
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