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Info Edge hits new high; up 22% in seven days

The stock was trading higher for the seventh straight day. It has rallied 5% to Rs 1,695 on the BSE in early morning deal.

SI Reporter  |  Mumbai 

Info Edge hits new high; up 22% in seven days

Shares of Info Edge (India), owner of one of the leading job portals naukri.com, were trading higher for the seventh straight trading day on Tuesday. The stock was up 5% to Rs 1,695 on the BSE in early morning trade in an otherwise subdued market.

The company is a leading provider of various portals related to online recruitment, matrimonial, real estate and education classifieds and related services in India. In the past seven trading days, it has rallied 22% from Rs 1,390, as compared to 3.2% rise in the S&P BSE Sensex.

The stock surpasses its previous high of Rs 1,694 recorded on September 4, 2018 in an intra-day trade on the BSE. It touched a high of Rs 1,698 on the National Stock Exchange (NSE).

On November 22, announced that it has invested Rs 30 million ($422,000) more in online business-to-business footwear marketplace ShoeKonnect. The company said as part of company's strategic investments, the acquisition would help the Company to consolidate its presence into the aforesaid line of business within the internet services industry.

“Info Edge reported a mixed bag of Q2FY19 numbers with better-than-expected revenue growth in its businesses while margins were under pressure due to higher advertising & promotion expenses. Steady growth in the Naukri business and improving performance in 99 acres specifically bode well for the company’s growth. However, continuous spend on marketing would led to EBITDA loss in 99 acres and Jeevansathi putting pressure on margins,” analysts at ICICI Securities said in a result update with ‘hold’ rating on the stock with 12-month target price of Rs 1,640.

“While there are concerns about the monetization aspects related to jeevansaathi.com and shiksha.com after a decade into the business, we believe that given low penetration and vast untapped market, matrimony business will pickup. As per management, jeevansaathi.com has strong position in market with a market share of 25%-30%. Regarding shiksha. com, it continues to be a leader in the market and is the number one platform. It is breaking even for the past 2-3 years,” according to analysts at Karvy Stock Broking. The brokerage firm have ‘hold’ rating on the stock with a target price of Rs 1,652.

At 10:52 am, was trading 3% higher at Rs 1,657 on the BSE, as compared to 0.38% decline in the S&P BSE Sensex. A combined 173,924 equity shares changed hands on the counter on the NSE and BSE so far.


First Published: Tue, December 04 2018. 10:57 IST
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