India's Info Edge rises on investment and acquisition plans

Info Edge (India)

04/10/2022 08:05

** Shares of IT recruitment services co Info Edge  INED.NS 
rise as much as 3.7% to 3944.25 rupees, highest since Sept. 23
    ** Stock posts its sharpest intraday gain since Sept. 27 
    ** Stock set to snap two sessions of losses
    ** Co said on Monday it will invest 1.35 billion Indian
rupees ($16.58 million) through a mix of primary and secondary
purchase of shares in Sunrise Mentors Pvt Ltd 
    ** Co to acquire 22,836 compulsorily convertible preference
shares and 27,089 shares of Sunrise Mentors
    ** More than 198,299 shares change hands by 0651 GMT vs
30-day avg of 437,747 shares
    ** 12 of the 21 analysts covering the stock have a "buy" or
"strong buy" rating, 5 have "hold" while 4 rate it at "sell" or
"strong sell"; median PT is 4,830 rupees - Refinitiv Data
    ** Stock down 31.8% YTD up to last close
($1 = 81.4350 Indian rupees)
 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))