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Shares of multiple portal operator, Info Edge, gained 6 percent intraday following the announcements of its quarterly results. Multiple brokerages also were positive on the stock’s prospects.
Credit Suisse maintained an outperform rating on the stock with a hiked target of Rs 1,300. It highlighted that the company continues to be a dominant player in recruitment, which has attractive cash flow.
Its restaurant listings portal Zomato could continue to aggressively focus on growth, it added. The company also expects lower losses for 99 acres.
It increased earnings estimates by 2-8 percent for the three financial till March 2020, reflecting higher margins in recruitment, but sees ad costs to increase in 99 Acres.
CLSA, meanwhile, said that Q2 print indicated continued growth slowdown in Naukri and growth is likely to remain in low double digits. Meanwhile, 99 acres continues to struggle from weak market conditions. It has retained its sell call with a target of Rs 970.
At 14:15 hrs Info Edge India was quoting at Rs 1,185.85, up Rs 50.30, or 4.43 percent, on the BSE. It touched an intraday high of Rs 1,200.00 and an intraday low of Rs 1,145.10.
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