Shares of Fino Payments Bank Ltd. surged nearly 7% to the highest in two over two months on Tuesday after it applied for licence to become a small finance bank.
The lender has applied under the 'on tap' licencing norms of the Reserve Bank of India, according to a release by the central bank on Monday.
On the NSE, shares of Fino Payments rose as much as 6.86% during the day to Rs 310.80 apiece, the highest since Nov. 2. It was trading 2.7% higher at Rs 298.70 apiece, compared to a 0.6% advance in the benchmark Nifty 50 at 10:09 a.m.
The share price has risen 11.2% in the last 12 months. The total traded volume so far in the day stood at 9.5 times its 30-day average. The relative strength index was at 70.37, indicating that the stock may be overbought.
Both the analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 33.9%.
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