MaymyIndia signs MoU with Rural development ministry for leveraging rural road data; shares gain almost 6% on news

MapmyIndia Stock Analysis: India's Ministry of Rural Development has signed a Memorandum of Understanding (MoU) with C.E. Infosystems Limited and two other GIS companies which is likely to create opportunities for the company with respect to GIS data. The news triggered a positive move in the stocks of C.E. Info Systems or MapmyIndia which remined in focus on Wednesday despite setbacks witnessed in the overall markets. Zee Business' Kushal Gupta brings this report!

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The stock today ended at Rs 1,423.90 on the NSE, up almost 6 per cent from the Tuesday closing price. 

The Rural Development ministry on Tuesday launched GIS data which it had collected over a period of time under the flagship Pradhan Mantri Gram Sadak Yojana. GIS of Geographical Information System data will throw -up opportunities for companies and start-ups to visualise an analyse it and bring it for improving services. 

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The ministry has amassed data of over eight lakh rural facilities along with more than 10 lakh habitation data. The ministry also has geographic data of rural road construction of 25 lakh km, Gupta said.

MapmyIndia could be very useful in taking the services of many start-ups of companies to places in these rural areas.  

The company could benefit from the drone services as and when they come. If drones come under essential services, then digital maps will be very useful and for this reason, MapmyIndia can prove to be a major beneficiary, Gupta said.

The official website of MapmyIndia claims to be the leading Indian provider of digital maps, geospatial software and location-based IoT technologies.

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