Info Edge (India) hits record high after brokerage raises TP

Info Edge (India)

02/12/2024 09:18

** Shares of online services provider Info Edge (India)
 INED.NS  rise as much as 2.7% to hit a record high of 8,481.40
rupees
    ** The recruitment segment of the co continues to witness
gradual recovery, driven by improved hiring sentiments in the IT
sector, brokerage Centrum says after meeting with management
    ** Maintains "add" rating while raising TP to 8,808 rupees
from 8,630 rupees
    ** Operating losses in 99acres and Jeevansathi have been
easing and both these businesses are expected to breakeven over
the next 1.5 years - Centrum
    ** Brokerage expects revenue/EBITDA/PAT to grow at
16.7%/18.4%/17.9% over FY24-FY27
    ** Avg rating of 19 analysts equivalent of "buy", median PT
is 8,311 rupees - LSEG data
    ** Stock has gained 64.3%, YTD, and on track for best yearly
rise since 2020




 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))