Info Edge jumps on value buying; down over 30% YTD

Info Edge (India) added 3.95% to Rs 3,852.20 as bargain hunting emerged at lower levels.

The stock had declined 9% in the past three sessions to end at Rs 3,705.85 yesterday, from its recent closing high of Rs 4,072.25 recorded on 21 September 2022.

On a year-to-date (YTD) basis, the stock has lost 30.87% while the benchmark Sensex has fallen 1.51% during the same period.

On the technical front, the stock's daily RSI (relative strength index) stood at 37.289. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily charts, however, the stock is trading below its 50-day, 100-day and 200-day simple moving averages (SMA) placed at 4203.74, 3966.13 and 4418.77, respectively.

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.

The company's standalone net profit jumped 47% to Rs 148.43 crore on a 58.8% increase in net sales to Rs 507.66 crore in Q1 FY23 over Q1 FY22.

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