Shares of PB Fintech Ltd., the operator of Policybazaar and Paisabazaar, rose to an over-two-year high on Wednesday after it incorporated a wholly owned subsidiary to carry out the business of payment aggregators.
The company incorporated PB Pay Pvt. on Tuesday via certification from the Ministry of Corporate Affairs, according to an exchange filing.
PB Pay will act as a payment aggregator by assisting merchants with offline, digital, or both payment acceptance infrastructure. The wholly owned subsidiary will conduct both domestic and cross-border transactions, the company said in the filing.
However, the matter is subject to approval from the Reserve Bank of India.
Shares of the company rose as much as 7.47% to Rs 1,400.35 apiece, the highest level since Nov. 18, 2021. It was trading 4.87% higher at Rs 1,366.50 apiece as of 9:26 a.m. This compares to a 0.29% advance in the NSE Nifty 50 Index.
The stock has risen 132.23% in last 12 months. The relative strength index was at 77.06, which implied the stock is overbought.
Out of 18 analysts tracking the company, 11 maintain a 'buy' rating, four recommend a 'hold', and three suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 24.3%.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
