Info Edge- Green Shoots Visible In Hiring Data; Zomato’s Outperformance Is Not Yet Priced In: ICICI Securities

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.After a muted Q3 FY24 earnings, we note a marked improvement in IT hiring since November 2023, as per Job Speak data. This is in line with most managements’ observations on increasing manpower utilisation across IT firms as highlighted in Q3 earnings calls. In our opinion, this is a lead indicator for the much-awaited recovery in IT sector hiring. Non-IT sector hiring continues to be strong across infrastructure/ consumption/ services sectors. We think 99acres should turn profitable by Q1 FY25E, aided by strong tailwinds in the underlying real estate sector. Zomato Ltd. is up 68% since the last six months and we believe there is scope for further upside. This implies ~$4 billion valuation for Info Edge Ltd.’s 13.7% stake at Zomato’s target price of Rs 300. Given the multiple potential triggers with limited downside risks, we re-iterate Buy on Info Edge with a revised target price of Rs 6,993..Click on the attachment to read the full report:.Happy Forgings - Expanding Product Spectrum Augurs Well: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Info Edge- Green Shoots Visible In Hiring Data; Zomato’s Outperformance Is Not Yet Priced In: ICICI Securities

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Info Edge- Green Shoots Visible In Hiring Data; Zomato’s Outperformance Is Not Yet Priced In: ICICI Securities

Info Edge will continue investing in machine learning and AI capabilities to remain ahead of the curve

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