Zomato’s largest stakeholder company’s stock hit 52-week high today; Holds triple the Zomato stake compared to CEO Deepinder Goyal
This recruitment company hit a 52-week high, showing a strong technical and notable Zomato stake.
Info Edge (India) Ltd almost soared 5 per cent on Friday and made a new 52-week high of 7,327.75. The stock closed at the price of Rs 7,220.50 with a total trading volume of 13.45 lakh in a day. The stock has given a return of 59 per cent in the last year. Interestingly Info Edge (India) Ltd holds a 13.53 per cent stake in Zomato Ltd which is three times more than Zomato’s CEO Deepinder Goyal as he holds only 4.19 per cent of the shareholding in Zomato Ltd.
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Throwing some light on the technical analysis of the Info Edge (India) Ltd stock price, it looks like the stock price has made a new 52-week high today. The chart has formed a bullish engulfing candlestick pattern within an uptrend which can be a healthy sign for this long-term up move. The price has bounced from the 20-day EMA today as shown in the below chart.
Earlier, the board of directors of the company approved the proposal to divest its 34.93 per cent holding held in Wishbook Infoservices Private Limited (Wishbook) on fully converted & diluted basis, through its wholly-owned subsidiary, Startup Investments (Holding) Limited (SIHL), and the company said that the Agreement for sale/disposal is still in the process of execution and completion is expected by end of September 2024.
In the Quarterly Results of Q4FY24, revenue increased by 8.60 per cent from Rs 605 crore in March 2023 to Rs 657 crore in March 2024. Over the year, revenue grew by 8.10 per cent, from Rs 2,346 crore to Rs 2,536 crore. Net profit, however, showed a turnaround on a quarterly basis, moving from a loss of Rs 503 crore in March 2023 quarter to a positive of Rs 88 crore in March 2024 quarter. On a yearly basis, the net position improved from a loss of Rs 70 crore to a profit of Rs 595 crore.
Info Edge is India’s premier online classified company with a portfolio of brands. It owns various brands in different fields like naukri.com (online recruitment), 99acres.com (online real estate), jeevansathi.com (online matrimonial) as well as shiksha.com (online education information services). It also acts as an investor and has invested in many start-ups in the online space and is actively growing its investment portfolio.
Investors should keep an eye on this Large-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.