Info Edge India up after Nomura says Naukri Q2 billings growth "strong"

Info Edge (India)

08/10/2024 09:23

** Shares of Info Edge (India)  INED.NS  rise 3% to 8214
rupees  
    ** Internet-based service provider operates job website
Naukri.com, and property portal 99acres.com among others 
    ** Co said its mainstay recruitment billings grew 14% YoY to
4.92 bln rupees ($58.6 million) in Q2; real estate billings rose
16.5% YoY to 1.07 bln rupees 
    ** Naukri billings grew 7.2% and 9.2% in Q4FY24 and Q1FY25
respectively
    ** Q2 Naukri billings growth "strong" says Nomura, adds
bottoming out of IT hiring likely driving recovery 
    ** Brokerage retains "buy" rating, TP at 8,280 rupees; co
rated "buy" on avg, with median PT 7,650 rupees - LSEG 
    ** YTD stock has jumped ~60% 

($1 = 83.9260 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))