Info Edge (India) rose 1.38% to Rs 2,624.95 after the company said that Zomato has acquired Uber Eats' business in India in an all-stock deal.
Zomato Media ("Zomato") has signed a definitive agreement to acquire Uber's food delivery business in India ("Uber") in an all-stock transaction, which gives Uber 9.99% ownership in Zomato.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective 21 January. Upon closing of said acquisition, Info Edge (India)'s shareholding in Zomato shall stand reduced to about 22.71% on fully converted & diluted basis. The disclosure was made before market hours today, 21 January 2020.
On the technical front, Info Edge (India)'s RSI (relative strength index) stood at 57.726. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
On a consolidated basis, Info Edge (India) reported net loss of Rs 110.84 crore in Q2 September 2019 compared with net loss of Rs 72.03 crore in Q2 September 2018. Net sales rose 17.7% to Rs 329.54 crore in Q2 September 2019 over Q2 September 2018.
Info Edge (India) provides information technology services. The firm is involved in online classifieds business. Its segments include recruitment solutions, 99acres, online restaurant discovery and others. The others segment includes Jeevansathi and Shiksha services.
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