Info Edge riding on Nomura's $1.4-bn valuation of Zomato

Higher valuation of the restaurant classifieds business has led to an increase in target prices

The Info Edge stock was up 7.5 per cent on Friday (closing at Rs 1,186.60 on the BSE) adding to the 19 per cent gains since the end of August on brokerage upgrades. The bullish view on the stock, which hit its 52-week high on Friday, stems from the growth potential of Zomato, its 46 per cent-owned online restaurant classifieds business, as well as expected returns from the jobs vertical once recovery takes hold.

Analysts at Nomura have upgraded the target price of Info Edge to Rs 1,280 from Rs 1,100 on higher valuations for the company’s stake in Zomato.