Tech stock surges as it sells stake in associate company to VLCC Health Care!
Trending retail stock gains momentum and surges 240 per cent in last five years!
On June 12, 2023, the shares of Info Edge (India) Limited traded in green at Rs 4267.20 with a 52-week high and low of Rs 4624.35 per share and Rs 3310 per share, respectively on BSE.
The company has agreed to sell its full stake in its associate company Happily Unmarried Marketing to VLCC Health Care for approximately Rs 61 crore in cash and share swaps through its subsidiary Startup Investments (Holding) Ltd.
Info Edge is India's leading online classified company, with a portfolio of brands. It has a number of brands in several industries, including naukri.com (online recruiting), 99acres.com (online real estate), jeevansathi.com (online matrimony) and shiksha.com (online education information services). It also acts as an investor, having invested in numerous online start-ups and actively expanding its investment portfolio.
The consolidated financial results of Info Edge Ltd for Q4FY23 reported total sales of Rs 605 crore and witnessed a surge of 27.90 per cent YoY basis from last year's same quarter. In similar fashion, EBITDA levels witnessed a hike of 50.70 per cent from corresponding quarter last year to Rs 107 crore. On the other hand, the PAT (profit after tax) reported a negative number, declined by 30 per cent from March 2022 quarter to report Rs -503 crore.
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The stock has gained momentum in the past 1 year as it has given more than 15 per cent returns. Moreover, the stock has given multibagger returns of more than 240 per cent in the last 5 years. Keep a close eye on this trending Retail stock.