Shares of Info Edge (India) gained three percent in trade on January 30, as the Naukri.com parent announced the firm's board of directors would consider a stock split in an upcoming meeting.
"The Board of Directors will also consider the proposal for alteration in the share capital of the Company by way of sub-division/ split of the existing Equity Shares of the face value Rs 10/ each, fully paid-up, subject to approval of the shareholders of the Company and any regulatory/ statutory approvals, as may be required under applicable law," said Info Edge (India) in a filing with the bourses.
This marks the first time in the company's trading history that it has undertaken this corporate action. Although it has previously issued bonus shares, it has never conducted a stock split. The company had earlier announced bonus shares in a 1:1 ratio in both 2010 and 2012.
At 12.55 pm, shares of the firm were quoting Rs 7,636.85 on the BSE, higher by 2.5 percent.
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The board of directors will also considered the un-audited standalone and consolidated Financial Results of the Company for the Quarter and Nine months ended December 31, 2024.
Info Edge is one of the most profitable franchises and a long-term play in the internet space in India, according to Nuvama. It has the potential to establish a market-leading position and capitalise on the increasing online adoption, the brokerage noted.
"The recruitment industry continues to remain robust given the strong demand for digital talent and large number of job opportunities on the back of economic expansion. With near monopolistic position in the recruitment vertical, IEL is well positioned to capitalise on the growth," it said.
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