Shares of Info Edge (India) Ltd. surged over 5.5% on Friday and are nearing a record high of ₹7,465, which the stock had earlier hit on October 31, 2021. The stock made an intraday high of ₹7,308.

The stock is also surging on the back of results delivered by Zomato Ltd., the food delivery aggregator, in which Info Edge continues to hold a significant stake.

Shares of Zomato surged as much as 19% on Friday post its earnings and after analysts raised price targets across the board, with CLSA projecting the stock to hit as high as ₹350 in the next 12 months. This comes after the company reported a net profit of over ₹250 crore in the June quarter.

At the end of the June quarter, Info Edge held a 13.53% stake in Zomato. At the highest point of the day for Zomato’s shares, Info Edge’s stake in Zomato was valued at over ₹33,200 crore.

With this surge on Friday, shares of Info Edge have extended their gains for 2024 past 40%. Over the last 12 months, the stock has gained nearly 60%.

Friday’s surge has also taken Info Edge’s market capitalisation back towards the mark of ₹1 lakh crore. The stock currently has a market capitalisation of nearly ₹94,000 crore.

Shares of Info Edge are trading 5.2% higher at ₹7,260.