Info Edge gains after announcing investment in two startups

Info Edge (India) was up 1.2% at Rs 827.20 at 14:39 IST on BSE after the company announced investment in two startups Vcare Technologies Pvt Ltd and Unnati Online Pvt Ltd.

Meanwhile, the S&P BSE Sensex was down 231.79 poitns or 0.87% at 26,494.55.

On BSE, so far 10,034 shares were traded in the counter as against average daily volume of 9,284 shares in the past one quarter. The stock hit a high of Rs 845 and a low of Rs 820 so far during the day. The stock had hit a 52-week high of Rs 935 on 23 July 2015. The stock had hit a 52-week low of Rs 690 on 1 March 2016. The stock had outperformed the market over the past one month till 15 June 2016, surging 9.74% compared with the Sensex's 4.85% rise. The scrip had underperformed the market in past one quarter, gaining 4.56% as against the Sensex's 8.86% rise.

The company has equity capital of Rs 120.92 crore. Face value per share is Rs 10.

Info Edge (India) has announced that it has invested a sum of Rs 3 crore through convertible preference shares for acquiring 11.5% stake on fully converted and diluted basis in contacts management venture Vcare Technologies Pvt Ltd. Diro Labs, run by Vcare Technologies Pvt. Ltd, allows users to make groups of contacts, back them up on cloud, and connect contacts with social media.

Separately, Info Edge (India) has invested a sum of Rs 4 crore through convertible preference shares for acquiring about 28.5% stake on fully converted and diluted basis in Unnati Online Pvt Ltd. Unnati operates as an employment exchange for informal sector workers in India.

Info Edge (India)'s net profit fell 30.4% to Rs 57.18 crore on 18% growth in net sales to Rs 204.20 crore in Q4 March 2016 over Q4 March 2015.

Info Edge (India) is India's premier online classifieds company in recruitment, matrimony, real estate, education and related services. It operates a slew of Internet properties including online recruitment classifieds portal Naukri.com, real estate portal 99acres.com and matrimonial website Jeevansathi.com.

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