Info Edge (India) hits more than 2-year high on strong billing growth

Info Edge (India)

08/04/2024 08:03

** Shares of Info Edge (India)  INED.NS  rise as much as
~10% to hit the highest since November 2021, last up 8.8%   
    ** The internet-based service provider's billings for the
March-qtr grew 10.5% y/y to 8.27 bln rupees (about $99 mln), up
5.5% to 24.96 bln rupees for FY24 
    ** Stock on track to log steepest intraday gain since
January 2022
    ** Sees busiest trading day since May 2023, volume over 4.2x
30-day avg 
    ** Analysts' avg rating on co is "Buy", their median PT is
5,630 rupees - LSEG
    ** The median PT is at ~1% discount on last closing price
    ** Including session's gains, stock up 20% YTD




($1 = 83.3125 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))