PB Fintech, Marico shares drop 5% post q4 updates

Shares of PB Fintech and Marico dropped up to 5% after the companies announced q4 updates on Tuesday. Shares of PB Fintech dropped 5% on Wednesday despite Policybazaar and Paisabazaar parent, PB Fintech, saw insurance premium growing by 46% to Rs 6,975 crore for the fiscal year ended March 31, 2022, as per the Q4 update of the company. Besides, total insurance premium increased to an aggregate of Rs 2,177 Crore, for the quarter ended March 31, 2022, a growth of 70% in comparison to the corresponding quarter last year.  

Also, total health insurance premium grew at 40% and new life insurance premium rose at 38% for the quarter ended March 31, 2022 vs same quarter last year.  

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At 10.30 am on Wednesday, the fintech scrip was trading with a discount of Rs 34.70 or lower by 4.25% to Rs 780.95 a share on the BSE against its previous closing of Rs 815.65 per share.  At current levels, the stock is available at nearly 90% discount from its 52-week high of Rs 1470 per share that it touched soon after listing on November 17, 2021. shares of shares of PB Fintech (Policybazaar) were listed at a premium of over 17% on the BSE on November 15, 2021. Shares of PB Fintech Ltd's Policybazaar had opened at Rs 1150, up Rs 170.00, a piece against an issue price of Rs 980 per share. 

Recently, Morgan Stanley has upgraded PB Fintech to 'overweight' following massive correction in the stock.    

Policybazaar & Paisabazaar are the flagship platforms of PB Fintech and are India's largest online platform for insurance and lending products according to Frost & Sullivan. 

Meanwhile, shares of Marico too declined nearly 5% to the day's low of Rs 518.95 a share after the company said consumption trends remained subdued amidst weak rural sentiment and inflation in global commodities aggravating due to geopolitical tensions during the quarter.  

FMCG volumes declined in the Jan-Feb’22 period on a year-on-year basis (per Nielsen). Revenue growth of India business in the quarter was in the low single digits, however, volumes were marginally positive on an exceptionally high base (25%) (leading to double-digit volume growth on a 2-year CAGR basis)," it said in the Q4 update.