MapMyIndia parent's shares up 10% today: Here we decode why
What's the story
CE Info Systems, the parent company of location services provider MapMyIndia, witnessed a surge in its shares by as much as 10% today. The spike came after Railway and IT Minister Ashwini Vaishnaw shared a post highlighting the features of MapMyIndia's product, Mappls. He also announced that an agreement would soon be signed between the Railways and CE Info Systems to use this application.
Market reaction
'Mappls' boost for CE Info Systems
Vaishnaw's endorsement of Mappls has led to a significant increase in the share price of CE Info Systems. The surge was further fueled by the possibility of an integration with 'Arattai,' a locally-built chat and calling app developed by Zoho.
Integration plans
MapMyIndia shows interest in integrating with Zoho's 'Arattai'
Responding to a suggestion on X for integrating Mappls with Arattai, MapMyIndia Director Rohan Verma showed interest in the proposal. He said they would be happy to make this happen as it would enable precise location sharing. "For users this would mean super easy and exact sharing of location's front doorstep and address details versus other apps/maps where the location pin ends up being on the back road/other side of the road etc," Verma wrote.
Product showcase
Vaishnaw previously shared posts about using 'Mappls'
In a recent presentation, Vaishnaw revealed that it was made using 'Zoho Show' and the maps were sourced from Mappls by MapMyIndia. The minister had also shared posts on October 11 and earlier about using Mappls, calling it a 'must try' with 'good features.' To note, CE Info Systems's shares are currently trading 7.4% higher at ₹1,822.5 but still remain below its current 52-week high of ₹2,204.