Info Edge hit record high; rises 8% in three days

Info Edge (India) gained 0.95% to Rs 5,820.80, rising for the third trading session in a row.

Shares of the internet service company gained 8.2% in three days from its previous closing low of Rs 5379.50 on 20 August 2021. The counter hit a record high of Rs 5,895 in intraday today. The stock has surged 80.4% from its 52-week low of Rs 3,225.55 hit on 25 August 2020.

On the BSE, 28,810 shares were traded in the counter so far compared with average daily volumes of 17,394 shares in the past two weeks. On the NSE, 5,74,237 were traded so far compared with fortnightly average of 4,07,437 shares.

On the technical front, the stock's RSI (relative strength index) stood at 73.749. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 5238.87 and 4925.41 respectively. These levels will act as crucial support zones in near term.

Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc. Info Edge (India) reported 21.3% rise in standalone net profit to Rs 100.96 crore on 14.1% increase in net sales to Rs 319.72 crore in Q1 FY22 over Q1 FY21.

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