Share price of Info Edge rises as Nifty weakens

Shares of Info Edge (India) Ltd. gained 0.39 per cent to Rs 4319.25 in Wednesday's trade as of 12:38PM (IST). The stock hit a high price of Rs 4327.75 and low of Rs 4272.0 during the session.

The return on equity (ROE) for the stock stood at -0.8 per cent. Traded volume on the counter stood at 12:38PM shares and turnover at Rs 9744.0 crore around that time. The stock of Info Edge (India) Ltd. quoted a 52-week high price of Rs 4984.1 and 52-week low prices of Rs 3310.0, respectively.

The stock's Beta value, which measures its volatility in relation to the broader market, stood at 0.56.


Promotor/FII Holding
Promoters held 38.05 per cent stake in the company as of 30-Jun-2023, while FIIs held 31.54 per cent and domestic institutional investors had 10.34 per cent.

Key Financials
The company reported consolidated sales of Rs 689.54 crore for the quarter ended 30-Jun-2023, up 306.36 per cent from previous quarter's Rs 169.69 crore and up 21.16 per cent from the year-ago quarter's Rs 874.59 crore. Net profit after tax for the latest quarter stood at Rs 158.6 crore, down 11.36 per cent from the same quarter a year ago.

Technicals
The MACD signalled a bearish bias on the counter. The MACD is known for signalling trend reversals in traded securities or indices.
It is the difference between the 26-day and 12-day exponential moving averages. A nine-day exponential moving average, called the signal line, is plotted on topof the MACD to reflect "buy" or "sell" opportunities. When the MACD crosses below the signal line, it gives a bearish signal, indicating that the price of the security may see a downward movement and vice versa.