Info Edge shares jump 9% on Q4 update; here’s what Nomura said on stock

Following the company's updates, in its stock review reiterated its buy stance on the counter for a price target of Rs 6,210.

Referring to its Q4 billings as strong, the Japanese brokerage said that strong recovery in Naukri billings suggests a possible bottoming-out of the IT hiring. Other vertical billings also grew ahead of estimates, it noted.

The stock has rallied over 60% in the past 12 months while gaining 19% in 2024 so far. Its returns remain superior to Nifty in both time frames. The benchmark has risen over 28% in the last one year while 4% on a year-to-date (YTD) basis.

Also Read:

Segment-wise, its recruitment solutions vertical witnessed billings of Rs 625.4 crore in the reported quarter versus Rs 583.5 crore in the corresponding quarter of the previous financial year. Its property vertical 99acres reported billings of Rs 131.1 crore in Q4FY24 versus Q4FY23.

The company's topline increased by 6.38% with the profit at Rs 151.09 crore in the December quarter.

The stock is currently trading above its 50-day and 200-day simple moving averages. Its momentum indicator MFI is in an overbought zone and hovering over 70 mark, according to Trendlyne. As for RSI, it was near 66. A number above 70 is considered to be overbought while below 30 is seen to be oversold.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)