PB Fintech shares rose over 2 percent to hit a fresh 52-week high of Rs 1048 in early trade on February 1 after 2.44 crore shares or 5.4 percent equity exchanged hands in a block deal window.
Moneycontrol could not immediately ascertain the buyers and sellers of the deal.
As of 9.20 am, shares of PB Fintech were trading at Rs 1023.7, higher by 2.1 percent on the NSE, compared to the previous session’s close.
Nilesh Shah, Kotak AMC said that the PB Fintech stock has moved, but if investors have a 5-10 years horizon, it is a great buy. He added that some ‘new-age’ businesses may emerge as a consumer franchise.
Online insurance aggregator PB Fintech, the parent company of Policybazaar, has turned profitable for the first time ever in line with analyst expectations during the December quarter.
The Gurugram-based company reported a profit after tax of Rs 37 crore for the third quarter, aided by robust growth in insurance premiums, better renewals which have higher margins and improvement in contributing margins. It had reported a loss of Rs 87 crore during Q3 of FY 23.
Follow our market blog to catch all the live updates
The company also reported a 43 percent growth in operating revenue, which stood at Rs 871 crore for the December quarter, compared with Rs 610 crore the company had reported in the same quarter of last financial year.
The company results were announced after market hours and the shares ended up marginally higher at 1.12 percent on January 30.
Analysts at Morgan Stanley shared an 'overweight' rating on PB Fintech, with a target price of Rs 965 per share, saying that the contribution of new initiatives helped the company break-even in Q3FY24. However, they flagged off downside risks to near-term forecasts as regulatory changes in unsecured personal loans could potentially impact core business.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
