SUMMARY
Shares of PB Fintech hit a 52-week high of INR 779.85 on the BSE on the back of a rally in the broader equity market
The stock pared some of the gains later in the day end the session 3.4% higher at INR 759.9
Foodtech giant Zomato’s shares also hit a 52-week high of INR 84.50 on the BSE today
Shares of fintech major PB Fintech hit a 52-week high of INR 779.85 on the BSE on Thursday (July 13), jumping over 6% during the intraday trading on the back of a rally in the broader equity market.
The fresh high comes two weeks after the stock created its previous 52-week high. On July 26, the company’s shares jumped almost 9% during the intraday trading to touch a 52-week high of INR 708 on the BSE.
It must be noted that the parent company of policybazaar
and Paisabazaar has recently received positive comments from several brokerages. IIFL Securities had said that robust use of data and technology would be the biggest growth driver for PB Fintech.
Besides PB Fintech, foodtech giant Zomato’s shares also hit a 52-week high of INR 84.50 on the BSE today.
The latest rally in the performance of the new-age tech stock is supported by a significant recovery in the broader market. Besides, the change in sentiment towards new-age tech stocks as they continue to march steadily towards achieving overall profitability targets has also helped.
PB Fintech expects to achieve net profitability in 2024 after breaking even on a consolidated basis in Q4 FY23.
After touching a 52-week high today, shares of PB Fintech pared some of the gains to end the day 3.4% higher at INR 759.9, a level last seen in April last year.
While PB Fintech, Zomato, and a few other new-age tech stocks rose, shares of Paytm declined 2.1% today to INR 836.65 on the BSE. Nykaa also fell around 0.6% to INR 143.15. Nazara Technologies continued to fall and declined 3.2% to INR 666.05, hurt by the government’s decision to impose 28% GST on real-money gaming.
In the broader market, benchmark indices Sensex and Nifty 50 touched new record highs during the intraday trading today but shed some of the gains after facing selling pressure at higher levels. While Sensex closed at 65,558.89, up 164.99 points, Nifty 50 closed at 19,413.75, up 29.45 points.
Overall, the IT and digital sectors performed well today, supported by TCS reporting a better-than-expected net profit in Q1 FY24.
“Today’s domestic rally was supported by the contra bet buying of the IT stocks which was supported by stable margins, new generation business opportunities and increase in pricing power due to moderation in USD, as latest US inflation is fast approaching the Fed’s target levels,” said Vinod Nair, head of research at Geojit Financial Services.
