C.E. Info Systems’ share price fell nearly 11% on Thursday, making it one of the biggest losers on the BSE index. This drop followed news that Google will reduce its map pricing for developers in India by up to 70% starting August 1, 2024. The new pricing structure is designed to help developers create location-based solutions.
C.E. Info Systems provides software, digital maps, GPS navigation, and location-based services. According to Avinash Gorakshakar, Head of Research at Profitmart Securities, the share price drop is a minor reaction and does not affect the company’s strong long-term prospects.
The stock opened at ₹2,216.95 on BSE and reached an intraday high of ₹2,453.30.
Ruchit Jain, Lead Research Analyst at 5paisa, noted that the share price has broken its short-term 20-day EMA support, with RSI showing a negative crossover. After a recent rally, some profit booking is expected. Immediate support levels are around ₹2,200 and ₹2,100.
Google is also working with the Open Network for Digital Commerce (ONDC) to offer additional discounts for developers, providing a 90% discount on selected Google Maps Platform APIs for e-commerce and related uses.
Mohit Gulati, CIO & Managing Partner of ITI Growth Opportunities Fund, highlighted that Indian mapping companies are closing the gap with Google Maps by leveraging local expertise. With initiatives like “Make in India,” companies such as MapmyIndia, ISRO’s Bhuva, and OlaMaps are offering more precise and relevant solutions for the Indian market, fostering innovation and self-reliance in the tech sector.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
