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Info Edge hits record high; rises 12% in six days

Capital Market 

Info Edge gained 0.58% to Rs 3952.55, extending its winning run to sixth consecutive session.

Shares of Info Edge have surged 11.8% in six trading days from its previous closing low of Rs 3535.50 on 10 November 2020. The counter hit a record high of Rs 3988 in intraday today. The stock is up 150% from its 52-week low of Rs 1,580 registered on 23 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 68.740. 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 3549.77 and 3361.07 respectively. These levels will act as crucial support zones in near term.

The company reported 78.7% jump in standalone net profit to Rs 51.15 crore on a 19.1% fall in net sales to Rs 256.12 crore in Q2 FY21 over Q2 FY20. Profit before tax in Q2 September 2020 stood at Rs 65.40 crore, up by 82.6% from Rs 35.82 crore in Q2 September 2019. Operating EBITDA fell 48.1% to Rs 51.6 crore in Q2 FY21 from Rs 99.3 crore in Q2 FY20.

Info Edge (India) runs leading internet businesses like Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. Info Edge has made significant strategic investments into emerging internet companies - zomato.com, meritnation.com, policybazaar.com, Canvera.com, happilyunmarried.com.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 18 2020. 13:07 IST
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