Info Edge (India) Ltd share price plunges 5% on muted Q3 results; here's what brokerages say
₹5,392.55 apiece on BSE. The Info Edge share price touched an intraday low of ₹5,054.65 and an intraday high of ₹5,400 apiece.
According to Rajesh Bhosale, Technical Analyst at Angel One, the Info Edge share price is down more than 4%, and we are seeing fresh short positions backed by high volumes. Expect further weakness in the near term, with 4,900 as the next support, whereas any bounce towards 5,300 in the near term may face resistance.
Also Read: Paytm share price cracks 10% to hit 52-week low; analysts say avoid the stock Info Edge reported a ₹151.1 crore profit for the December quarter compared to the same period last year. The business posted a loss of ₹116.5 crore during the same period previous year.
The business appears to have fared well in spite of the continuous slowdown in the employment of people in the information technology (IT) industry. In Q3, the company's total revenue rose 6.4% to ₹627.1 crore.
In a regulatory filing, the business stated that billing for the December quarter climbed by 4.8 percent year over year to ₹576.9 crore. Also Read: Eicher Motors share price falls over 3% as analysts expect competition to hit Royal Enfield volumes; Should you buy? "Exciting news! Mint is now on WhatsApp Channels
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