PB Fintech jumps over 7%, hits 52-week high on ICICI Lombard partnership
In March, the promoter of PB Fintech approved the incorporation of PB Pay, which was created to conduct the business of payment aggregator with a paid-up capital of Rs 27 crore.
Shares of jumped over 7% to hit a fresh 52-week high at Rs 1,400 in Wednesday's trade on BSE after the company announced a partnership with to provide insurance solutions to 1 crore customers."The collaboration encompasses access to nearly 10 million customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance. The partnership entails inclusion across multiple business lines of the Policybazaar platform, catering to retail audiences, PB for Business for corporates, and PB Partners for channel partners," ICICI Lombard said in an exchange filing.
Meanwhile, the rise in PB Fintech's share price also comes after the company incorporated a subsidiary unit.
"We hereby inform you that a wholly owned subsidiary of the company by the name of PB Pay Private Limited has been incorporated vide certificate of incorporation issued by the registrar of companies, Central Registration Centre, Ministry of Corporate Affairs, dated April 9, 2024," PB Fintech said in an exchange filing.
In March, the promoter of PB Fintech approved the incorporation of PB Pay, which was created to conduct the business of payment aggregator with a paid-up capital of Rs 27 crore.
At 10:38 am, PB Fintech's stock was trading 4% higher at Rs 1,357 on BSE. Meanwhile, it has also rallied 70% year-to-date (YTD), and over 130% in the last year.
In Q3 FY24, PB Fintech reported strong numbers, with the company posting a consolidated net profit of Rs 38 crore, against a loss of Rs 87 crore a year ago, and a loss of around Rs 20 crore a quarter ago. Its revenue from operations increased 43% year-on-year (YoY) to Rs 871 crore.
The total insurance premium for the quarter was Rs 4,261 crore, with an ARR of Rs 17,000 crore insurance premium. Renewal/trail revenue was at an ARR of Rs 454 crore, up from Rs 317 crore in the same quarter last year.
In technical terms, the relative strength index (RSI) of the stock is currently at 73.2, indicating that the stock is in overbought territory. Additionally, the MACD stands at 44.1, surpassing both its center and signal line, which is considered a bullish indicator.
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Source: Stocks-Markets-Economic Times
