Insurtech major PB Fintech soared as much as 4.4% during the intraday trading today (September 20)
On September 18 and September 19, the stock touched new highs at INR 1,884.00 and INR 1,901.55 apiece, respectively
PB Fintech allotted 75,760 equity shares to eligible employees under its employee stock option plan (ESOP) earlier this month
Amid a rally in the broader equity market, shares of insurtech major PB Fintech soared as much as 4.4% during the intraday trading today (September 20) to reach a record high mark at INR 1,966 apiece on the BSE.
However, the stock shed some of the gains to end the trading session 2.4% higher at INR 1,927.80. The company’s market capitalisation soared to INR 88,243 Cr (around $10.5 Bn) at the end of the trading session.
Shares of PB Fintech have been on an upswing this week, hitting new all-time highs in three consecutive sessions. On September 18 and September 19, the stock touched new highs at INR 1,884.00 and INR 1,901.55 apiece, respectively.
The jump in PB Fintech’s shares today was in line with the rally in the broader market following a 50 basis point rate cut by the US Fed. While Sensex zoomed 1.63% to end today’s session at 84,544.31, Nifty50 rose 1.48% to end at 25,790.95.
PB Fintech reported its third consecutive profitable quarter in April-June. It posted a consolidated net profit of INR 59.98 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) as against a net loss of INR 11.9 Cr in the year-ago quarter. Operating revenue jumped 51.8% to INR 1,010.5 Cr in Q1 FY25 from INR 665.6 Cr in the year-ago quarter.
On the back of the strong financial performance, the stock has surged 141.67% on a year-to-date basis.
Meanwhile, tech giant Tencent offloaded 97 Lakh shares of PB Fintech last month amid the rise in the stock price.
Earlier this month, PB Fintech allotted 75,760 equity shares to eligible employees under its employee stock option plan (ESOP) earlier this month.
