Shares of PB Fintech Ltd. rose more than 8%, the most in three weeks in intraday trade, on approving investment plans. The stock, however, pared all gains amid volatility in the final hour of trading.
The company approved investment of Rs 250 crore in Paisabazaar Marketing and Consulting and Rs 650 crore in Policybazaar Insurance Brokers during FY23.
PB Fintech also incorporated a stepdown subsidiary in Abu Dhabi to extend its technology hub in the UAE. PB Fintech will acquire 45% to 51% stake in UAE-based YKNP Marketing Management through its Dubai arm for $4 million.
The trading volume was 2.5 times the 30-day average.
Of the nine analysts tracking the company, seven maintain a 'buy' and two suggest a 'hold', according to Bloomberg data.
The 12-month consensus price target implies an upside of 57.1%.
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