Info Edge (India) rises as arm to invest Rs 4 cr in ShoeKonnect

Info Edge (India) rose 1.45% to Rs 1,925.35 after the company said its arm will invest about Rs 4 crore in ShoeKonnect, operated by Bizcrum Infotech.

Info Edge (India) said it has entered into an agreement to invest, through its wholly-owned subsidiary, about Rs 4 crore in ShoeKonnect, operated by Bizcrum Infotech.

ShoeKonnect is building India's most trusted B2B E-commerce platform primarily focused on fashion and lifestyle vertical solving the problem of discovety, payments and logistics by bridging the gap between suppliers and retailers in the largely unorganized $80bn industry. ShoeKonnect is enabling brands, manufacturers, wholesalers and retailers to connect, communicate & transact with each Other for conducting and expanding their business . The latform facilitates catalogue/inventory uploading, order placement, order receipt, delivery scheduling and payment management) amongst manufacturers, wholesalers, manufacturers and retailers. The announcement was made after market hours on Friday, 13 September 2019.

Shares of Info Edge (India) rose 3.26% in two trading sessions to its current market price of Rs 1,925.35, from a recent closing low of Rs 1,864.55 on 12 September 2019.

On BSE, 4,128 shares were traded in Info Edge (India) counter, compared to a 2-week average of 18,000 shares. The stock hit an intraday high of Rs 1,936 and an intraday low of Rs 1,862.65.

It hit a 52-week high of Rs 2,432 on 3 June 2019 and a 52-week low of Rs 1,312.80 on 16 November 2018.

On a consolidated basis, Info Edge (India) reported a net loss of Rs 185.37 crore in Q1 June 2019 compared with a net loss of Rs 18.57 crore in Q1 June 2018. Net sales rose 15.4% to Rs 319.74 crore in Q1 June 2019 over Q1 June 2018.

Info Edge (India) is a holding company, which provides information technology services. The firm is involved in online classifieds business. Its segments include recruitment solutions, 99acres, online restaurant discovery and others.

Powered by Capital Market - Live News