Info Edge (India) gains after RBI hikes FII investment limit

Info Edge (India) rose 3.10% to Rs 769 at 10:38 IST on BSE after the central bank allowed foreign investors to buy up to 50% stake in the company.

Meanwhile, the BSE Sensex was up 111.47 points, or 0.43%, to 25,807.91.

On BSE, so far 11,000 shares were traded in the counter, compared with an average volume of 11,671 shares in the past one quarter.

The stock hit a high of Rs 809.50 and a low of Rs 760.85 so far during the day. The stock hit a record high of Rs 1,014.70 on 19 November 2014. The stock hit a 52-week low of Rs 700 on 13 May 2015.

The stock had underperformed the market over the past one month till 1 September 2015, sliding 10.34% compared with 8.60% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 8.10% as against Sensex's 7.73% decline.

The mid-cap company has an equity capital of Rs 120.42 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI) after market hours yesterday, 1 September 2015, notified that Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 50% (revised from earlier limit of 40%) of the paid up capital of Info Edge (India) under the Portfolio Investment Scheme (PIS). The purchases could be made through primary market and stock exchanges.

Total holding of FIIs in Info Edge (India) stood at 29.23% as on 30 June 2015.

Net profit of Info Edge (India) declined 27.78% to Rs 28.75 crore on 18.52% rise in net sales to Rs 171.79 crore in Q1 June 2015 over Q1 June 2014.

Info Edge (India) is India's premier on-line classifieds company in recruitment, matrimony, real estate, education and related services.

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