Info Edge Share Price Hits 52-Week High

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In the dynamic world of stock markets, moments of significant movement often capture the attention of investors and analysts alike. One such moment unfolded recently as Info Edge’s share price surged to a 52-week high following a robust Q4 business update. This surge, driven by strong performance from its flagship online job portal Naukri, has sparked discussions among market experts and investors about the company’s growth trajectory and investment potential.

Info Edge, a prominent player in India’s digital landscape, witnessed its share price skyrocket, opening at ₹5,791 and reaching an intraday high of ₹6,189 on the Bombay Stock Exchange (BSE). This surge came on the heels of a noteworthy 10.5% increase in standalone billings for the fourth quarter ending March 31, 2024. The company reported standalone billings totaling ₹826.9 crore for the quarter, compared to ₹748.6 crore in the corresponding period the previous year.

Delving deeper into the Q4 performance, it becomes evident that Naukri, the crown jewel of Info Edge’s portfolio, played a pivotal role in driving the company’s growth. Recruitment Solutions billing witnessed a commendable 7.18% increase, soaring to ₹625.4 crore during the quarter. Similarly, 99acres, the real estate division, experienced a notable surge of 26.42%, with billings reaching ₹131.1 crore.

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The fiscal year ending March 31, 2024, also painted a positive picture for Info Edge, with standalone billing climbing by 5.47% to ₹2,495.9 crore compared to ₹2,366.3 crore in the previous fiscal year. Notably, Recruitment Solutions remained the largest contributor, inching up slightly to ₹1,883.2 crore.

The buoyant Q4 performance and promising outlook for the future have garnered attention from market analysts, with Nomura analysts highlighting the robust rebound in Naukri billings. This resurgence suggests that IT recruiting may be nearing its bottom, prompting Nomura to project a 15% year-over-year billings increase in FY25, a marked improvement over the flat figure recorded in FY24. Maintaining a bullish stance, Nomura has reiterated its ‘buy’ recommendation on Info Edge stock, setting a target price of ₹6,210.

The positive sentiment surrounding Info Edge shares is further bolstered by technical analysis. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, notes a strong traction in the stock, with a significant price and volume breakout indicating further upward momentum. Bhosale advises traders to adopt a buy-on-dip strategy, with ₹6,000 serving as a crucial support level and ₹6,450 as resistance.

Similarly, Ruchit Jain, Lead Research Analyst at 5paisa, underscores the stock’s positive trend, citing a higher top higher bottom structure. In the short term, Jain identifies the 20-day exponential moving average (DEMA) around ₹5,500 as immediate support, further solidifying the bullish outlook.

As investors and analysts digest the implications of Info Edge’s stellar performance and optimistic projections, the broader market sentiment remains buoyant. The surge in Info Edge’s share price reflects not only the company’s robust fundamentals but also the resilience of India’s digital economy amidst evolving market dynamics.

Looking ahead, investors will closely monitor Info Edge’s execution of its growth strategy, particularly in leveraging the strengths of its key platforms such as Naukri and 99acres. Additionally, factors such as macroeconomic trends, regulatory developments, and competitive pressures will continue to influence the company’s trajectory and stock performance.

In conclusion, Info Edge’s ascent to a 52-week high underscores its position as a key player in India’s digital ecosystem. With a strong Q4 performance, optimistic analyst projections, and bullish technical indicators, the company appears poised for continued growth and value creation, offering investors an attractive opportunity in India’s vibrant stock market landscape.

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