- Shares of Pine Labs rose after reporting a net profit of Rs 5.97 crore in Q2
- Revenue surged 18% year-on-year, reversing a Rs 32.01 crore loss last year
- Stock opened at Rs 249 and traded as high as Rs 250.75 on Dec 7 morning
The shares of Pine Labs Ltd. rose on Thursday after the company posted strong quarterly results.
The stock opened at Rs 249, up from the previous close of Rs 247 on Dec. 3, and traded as high as Rs 250.75 at 10:23 a.m. The uptick comes after Pine Labs reported a net profit of Rs 5.97 crore for Q2, as compared to Rs 32.01 crore loss from the previous fiscal year. The revenue is reported to have surged18% year-on-year.
The shares of fintech firm Pine Labs made a firm market debut last month, closing with a premium of over 14% against the issue price of Rs 221. The company's market valuation stood at Rs 28,936.56 crore and Rs 28,856.19 crore on the NSE and BSE, respectively.
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Noida-based Pine Labs is a technology company focused on digitising commerce through digital payments and issuing solutions for merchants, consumer brands, enterprises, and financial institutions. The company competes with the likes of Paytm, Razorpay, Infibeam, PayU Payments, and PhonePe in the domestic market, and with Adyen, Shopify, and Block in overseas markets.
Pine Labs Share Price Today
The scrip rose as much as 0.63% to Rs 254 apiece. It pared gains to trade 0.62% higher at Rs 249 apiece, as of 11:00 a.m. This compares to a 0.34% advance in the NSE Nifty 50 Index.
Pine Labs has risen 12.72% on a year-to-date basis, and 12.20% in the last 12 months on average. The relative strength index was at 51.01.
Currently only one analyst is tracking the company and is suggesting 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 225 implies a downside of 9.7%.
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