Moneycontrol Bureau
Brokerage house CLSA has raised its target price for internet firm Info Edge to Rs 1080, and maintained its ‘outperform’ rating on the stock.
Info Edge owns the websites Naukri, Zomato and 99acres.
“With exposure to several high growth businesses, it remains an attractive listed Indian internet play with a recoveingy economy buoying its core business and value surfacing from new businesses,” the CLSA note said.
Takeaways from each of the business divisions (Excerpts from the CLSA note)
Naukri: Improving traction in its core recruitment business (Naukri) thanks to a secular increase in hiring activity across industries led by IT services.
99acres: Market expansion likely driven by investments in higher quality listings, verification and greater sales coverage despite weakness in the underlying real estate market
Zomato: Has turned profitable in India and Dubai, while it’s gaining traffic in several markets with 40 percent of traffic mobile and 50 percent organic.
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