Info Edge hits new high

Info Edge (India) has hit a new 52-week high today at Rs.425 in the early morning trades and is currently at Rs.414 levels, up over 8.5%. Volumes are up more than 2.12 times.

The stock hit the new high after it announced yesterday, a few minutes before market closing that it has made additional investment in online food guide portal, Zomato Media. The company has stated in the Press Release that it co-invested Rs 228 crore in the shares of Zomato Media. Of the total investment round, Info Edge has invested an amount of about Rs 57 crore by subscribing to convertible preference shares of Zomato Media. With this additional investment, the total amount invested by Info Edge in Zomato Media cumulatively till date is about Rs 143 crore and the shareholding of Info Edge in Zomato Media stands at 50.1% on a fully converted and diluted basis.