Icici Securities Re: initiates coverage on Info Edge with "buy"

Info Edge (India)

30/11/2023 08:33

** ICICI Securities re-initiates coverage on internet-based
service provider Info Edge (India)  INED.NS  with "buy" and PT
6,050 rupees
    ** Says worst seems to be behind in IT hiring, while easing
U.S. inflation and increasing confidence on interest rates
having already peaked out could further boost hiring for unit
Naukri
    ** Brokerage says co's real estate vertical is showing signs
of profitability improvement, could start contributing
materially to valuations from FY25
    ** Adds stock price doesn't reflect sharp improvement in
stock price of the publicly listed investee companies such as
Zomato  ZOMT.NS  and PB Fintech  PBFI.NS  
    ** Robust non-IT hiring led by BFSI, real estate and
insurance should aid overall revenue growth - ICICI 
    ** Stock, which has fallen over 39% from a record high in
Oct 2021, is up ~16% YTD; last up 0.3% at 4,563 rupees

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))