NAUKRI.NSE Info Edge (India) Ltd.

HDFC Securities is bullish on Infoedge has recommended buy rating on the stock with a target price of Rs 5275 in its research report dated August 11, 2023.

The confidence reflects the surge in stock prices of new age tech stocks in the last few weeks. This has also led to funds invested in them delivering big returns.

Info Edge (India) announced that its wholly owned subsidiary, Info Edge (India) has agreed to invest Rs 98.94 lakh in Brainsight Technology. Brainsight is an existing investee company wherein Redstart holds 4% on a fully converted & diluted basis. Brainsight is engaged in the business of healthcare technology, where it uses AI enabled application to provide evidence-based treatment hooks for neurosurgeons, psychiatrists and neurologists; and a private and empathetic digital aid for patients, and related business activities.

Brainsight is engaged in the business of healthcare technology, where it uses AI enabled application to provide evidence-based treatment hooks for neurosurgeons, psychiatrists and neurologists; and a private and empathetic digital aid for patients, and related business activities. Its turnover for financial year 2022-2023 was Rs 27,59,016.20. Redstart has agreed to invest an aggregate amount of Rs 98,94,000 by way of subscribing to convertible notes. This said investment by the company through Redstart is in furtherance of companys investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term.Brainsight is an existing investee company wherein Redstart holds 4% on a fully converted & diluted basis hence the transaction is done at Arms Length basis.Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.The company reported consolidated net loss of Rs 272.83 crore in Q4 FY23 as compared with net profit of Rs 628.89 crore in Q4 FY22. Revenue from operations jumped 27.9% year on year to Rs 604.78crore in Q4 FY23.Shares of Info Edge (India) declined 1.24% to Rs 4,348.50 on the BSE.

In recent trading sessions, there have been attempts to break out above the upper threshold of the consolidation range

The company said its subsidiary Allcheckdeals India Private Ltd's (AIPL) loan of Rs 280 crore to 4B Networks is fully impaired, indicating that the chances of recovering the loan amount are unlikely.