PB Fintech nears record peak after notching fresh 52-week high levels

Shares of PB Fintech, the fintech firm that operates platforms such as PolicyBazaar and PaisaBazaar, hit their fresh 52-week high of Rs 1,400 on Wednesday, April 10, and were hovering around their all-time high level, attained on November 17, 2021.

At around 2:56 pm, shares of the company traded with gains of 1.35 per cent higher at Rs 1,321.95 per share.

The stock gained as the company announced the incorporation of a wholly-owned subsidiary at the financial services firm. The company, in its filing, said that PB Pay Private Limited has been incorporated via a Certificate of Incorporation issued by the Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs.

PB Fintech is another multi-bagger scrip which has gained a sharp 124 per cent in the last one year.

Keynote Capital in its report released after the company's Q3 results maintained that the company stands at a pivotal juncture, driven by catalysts such as renewal commission growth, strategic expansion into tier-2/3 cities through offline channels, and rigorous cost management, all poised to generate favorable operating leverage. Further, the company has reported profitability for the first time, and we expect this momentum to continue. 

The financial services and insurance aggregator platform since its listing in November 2021 for Rs 1202 has notched gains to the tune of over 16 per cent.

The targets set on the stock set by brokerages have mostly been breached.

The online services firm is ranked as a mid-cap company with a m-capitalisation of Rs 60,149.93 crore. The company serves as a platform for insurance and lending products by leveraging the power of technology, data and innovation.