C.E. Info Systems, better known as MapMyIndia, made waves on the market today with its share price leaping 3.2% on the BSE, peaking at an intraday high of ₹2,124.95 per share. This uptick followed the announcement of a strategic alliance with Zoomcar.
By 1:18 PM, the shares held a gain of 1.68%, trading at ₹2,092 per share, while the broader BSE Sensex increased by 164.43 points, hitting 81,687.59.
The partnership with Zoomcar is more than just a handshake; it’s a bold step toward revolutionizing the travel experience for users by integrating seamless vehicle booking and trip planning right into the Mappls App. This collaboration is set to redefine travel convenience, offering snazzy features like 3D junction views and real-time safety alerts that warn drivers of speed traps and road obstacles.
Rohan Verma, CEO and Executive Director of MapMyIndia, couldn’t hide his excitement, highlighting the partnership’s potential to inject unprecedented convenience and adaptability into the travel plans of users everywhere.
Back in June, Goldman Sachs threw its hat into the ring, initiating coverage on C.E. Info Systems with a bullish ‘Buy’ rating and a lofty target price of ₹2,800. The global brokerage firm spotlighted C.E. Info Systems as a front-runner poised to capitalize on its early dominance in burgeoning sectors like automotive navigation, mapping tech, connected vehicles, telematics, and government-led digitization initiatives.
With a rosy outlook, Goldman Sachs projects a striking 38% revenue CAGR for FY24-FY27 and anticipates the company will sustain enviable margins, fueled by an IoT-driven business surge and fresh opportunities in the mobility sector and automotive aftermarket.
Despite some risks related to hardware margin dilution, open-source maps, and M&A integration, the brokerage remains optimistic about the company’s prospects. Over the past year, C.E. Info Systems’ shares have gained 26.1%, outperforming the BSE Sensex’s 21.2% rise.
In addition to the partnership news, C.E. Info Systems saw a significant block deal worth ₹142.60 crore in June, where promoter and managing director Rakesh Kumar Verma sold shares for philanthropic reasons. He clarified that there are no plans for further stake reduction.
Meanwhile, the Union Cabinet’s approval of the PM E-Drive scheme, with a budget of ₹10,900 crore, aims to accelerate EV adoption across India. This initiative includes subsidies worth ₹3,679 crore to encourage the use of electric vehicles, benefiting manufacturers like JBM Auto and Olectra Greentech, which saw gains of up to 9% in morning trading.
Overall, the partnership with Zoomcar and the positive market response reflect strong investor confidence in C.E. Info Systems’ growth potential and strategic direction.
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