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 Tuesday 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

Info Edge has gained in November despite reporting quarterly profit and revenue that missed analysts’ forecasts. The stock’s 186 percent surge over the past two years has it trading at more than 125 times analysts’ 12-month forward estimated earnings, data compiled by Bloomberg show. Zomato is in the process of hiring bankers for its initial public offering, local media reported earlier this month.

“The listing of individual portal businesses could be very interesting just because of the fact that, depending on the timing, the market may decide to give it a very nice valuation,” said Stephen Lew of JOHCM USA, whose fund counts Info Edge among its top holdings. “Zomato, if managed well, could really turn into one of the first globally important Indian Internet businesses.”