Hottest India Internet Stock Surging Despite Valuation Fears
- Info Edge’s shares closed at an all-time high on Wednesday
- Firm commands premium due to its niche position: Angel’s Roy
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As optimism about a coronavirus vaccine drives a shift away from technology shares, one such stock in India keeps rallying as market watchers bet its investments in startups will start to pay off.
Info Edge India Ltd. climbed to a record on Wednesday and is the top gainer this month on the National Stock Exchange’s 10-member IT index. The company runs Naukri.com, the nation’s leading job-hunting platform, and has investments in at least 23 startups, according to its website. It owns about a fifth of Zomato, the largest Indian web-based food delivery platform that counts Jack Ma’s Ant Group among investors.