PB Fintech’s share price jumped more than 7% to touch a 52-week high in Wednesday’s trading session following the company’s announcement on April 9 that it had incorporated its wholly-owned subsidiary PB Pay Private Limited. PB Fintech’s share price today opened at ₹1,350.50 apiece on BSE. The stock touched an intraday high of ₹1,400 and an intraday minimum of ₹1,340.95.
According to Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One, the stock has seen a vertical rally in the last two weeks and is up 22% for the month. Overall momentum continues on the positive side, but considering the overbought zone, fresh purchases at high levels should be avoided and purchases on dips should be preferred. 1,470 is resistance, while 1,280 is support.
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The company announced in an exchange filing that it has incorporated a wholly owned subsidiary named “PB Pay Private Limited” through a Certificate of Incorporation issued by the Registrar of Companies, Central Registration Centre, Ministry of Corporate Affairs dated 09 April 2024.
This is in accordance with Regulation 30 read with Schedule III of the SEBI Listing Regulations, and it is based on their earlier communication dated March 20, 2024.
Policy Bazaar promoters PB Fintech announced on March 20 that their board has approved the establishment of a wholly-owned subsidiary to conduct payment aggregation operations.
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According to the company’s March 20 regulatory filing, the subsidiary named “PB Pay Private Limited” would engage in the payment aggregation business, either domestically or internationally, or both, if approved by the Reserve Bank of India. It will achieve this by providing merchants with offline and/or digital payment acceptance infrastructure, or both.
It also said that the planned business will have a paid-up share capital of ₹27 crores.
PB Fintech’s share price has risen 132.55% and outperformed its sector by 85.28% in the past year, according to trend data. The company provides information technology consulting and support services, with a focus on the financial services sector, particularly insurance. It is an integrated internet marketing and consulting firm.
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Disclaimer: The above views and recommendations are those of individual analysts, experts and trading companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 10 Apr 2024, 09:41 IST