Shares of PB Fintech — which operates the PaisaBazaar and PolicyBazaar portals — gave up initial gains amid choppy trade on Thursday, a day after the company said it completed the investment of Rs 900 crore in two of its wholly-owned subsidiaries. The stock of PB Fintech — an operator of insurance and lending platforms — declined as much as 0.8 percent to Rs 505.8 apiece on BSE, having reversed direction amid a market-wide sell-off after rising to as high as Rs 520 earlier in the day.
In a regulatory filing post-market hours on Wednesday, PB Fintech said it invested Rs 650 crore in Policybazaar Insurance Brokers, and Rs 250 crore in Paisabazaar Marketing and Consulting.
PB Fintech shares have declined more than three percent in the past one month, a period in which the Nifty50 benchmark has risen 0.5 percent.
Last month, PB Fintech reported a net loss of Rs 204 crore for the April-June period, up 83.8 percent compared with the corresponding period a year ago. That even was its revenue more than doubled to Rs 505 crore.
In an investor presentation, the company said its lending business, which saw growth of 136 percent, is had transformed post-COVID and was moving towards profitability in the near term.
ICICI Securities said the company's quarterly performance was in the right direction of increased profitability. The brokerage maintained a 'buy' rating on PB Fintech with a target price of Rs 561.
Indian equity benchmarks Sensex and Nifty50 fell close to one percent on Thursday amid weakness in financial and oil & gas shares, though strength in FMCG stocks lent some support.
First Published: Sept 22, 2022 2:49 PM IST
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