MapmyIndia, Genesys International soar up to 10% after Budget 2024 proposes GIS-based mapping of land records

“An IT-based system for property record administration, updating, and tax administration will be established. These will also facilitate improving the financial position of urban local bodies,” she said.

The announcement triggered an upsurge in CE Info Systems stock prices, which rose over 10% to an intraday high of ₹2,525 a piece on the NSE. The stock opened trade at ₹2278.95, marginally up from the previous close of ₹2260.30.

CE Info Systems shares closed 8.63% higher at ₹2455 per share, following minor corrections from the day's peak.

CE Info Systems Limited specialises in data and technology products and platforms, providing digital maps through services such as Map as a Service (MaaS), Software as a Service (SaaS), and Platform as a Service (PaaS). The company developed India's first internet mapping platform, mapmyIndia.com, which is now known as Mappls.com, in 2004.

Nirmala Sitharaman also announced that rural land-related procedures will now be assigned a unique land parcel identification number and a land registry will be established.

She added that the action will facilitate credit flow and other agricultural services. The announced actions will be incentivised to be completed within the next 3 years

Shares of Genesys International Corporation Limited, a geographical services company, also surged over 10% to a high of ₹721 following the budget announcement. The stocks retreated from the day's high and closed at ₹701, up by 10.2% on NSE.

Genesys International's products and services include 3D digital twin, lidar engineering, geospatial mapping, building information modelling (BIM), application development, and business consulting.