India's Info Edge hits 9-month high after Kotak hikes PT on stable non-IT hiring

Info Edge (India)

16/06/2023 06:14

** Shares of Info Edge India  INED.NS  rise as much as 2.86%
to 4,445 rupees, highest in nearly nine months since Aug 26,
2022
    ** Domestic brokerage Kotak Institutional Equities retains
"add" on the internet services provider's stock and raises
target price to 4,950 rupees from 4,700 rupees
    ** While information technology (IT) hiring slowed
considerably in FY2024 so far, non-IT hiring  which comprises
nearly 50% of Naukri's revenue remains steady: Kotak
    ** Remains positive on INED due to market dominance in
recruitment segment and improving revenue momentum in other
businesses including 99acres and Shiksha
    ** Trading volume is 341,049 shares as of 10:25 a.m. IST,
0.8x the 30-day avg - Refinitiv data
    ** Of the 21 analysts tracking INED, six maintain "strong
buy", six suggest "buy", five retain "hold", four recommend
"sell" and one suggests "strong sell"; median TP is 4,584 rupees
- Refinitiv data
    ** INED has risen over 11.5% in 2023 so far, compared to
nearly 4% rise in Nifty 50 index  .NSEI 

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))