Info Edge (India) rallies 10% post Q1 results; stock hits new high

The stock has moved higher to its record high of Rs 1,492, up 10%, extending its past two days 8% rally on the BSE.

Info Edge (India) has moved higher to its record high of Rs 1,492, rising 10% and extending its 8% rally on the BSE in the past two days, after the company reported a standalone net profit of Rs 630 million in June quarter (Q1FY19). The profit included Rs 160 million relating to the diminution in the carrying value of Canvera. The company posted profit of Rs 642 million in year ago quarter.

The stock surpassed its previous high of Rs 1,458 touched on January 22, 2018 on the BSE in intra-day trade.

The company’s standalone Q1FY19 revenue increased