Pine Labs shares rise 3.5% as firm awarded multi-year contracts by three OMCs

Pine Labs share price climb.

Pine Labs shares rose more than 3 percent on Monday after the fintech firm said it had secured multi-year contracts from three state-run oil marketing companies.

Shares of Pine Labs were trading at Rs 208.72 per share on the National Stock Exchange (NSE), up 3.31 percent.

The stock gained after the company announced that it had won multiple contracts from Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Indian Oil Corporation Limited.

Under the agreements, Pine Labs will deploy, manage and maintain digital payments infrastructure at petrol pumps and merchant outlets across the country. The contracts are multi-year in nature and relate to payment acceptance and transaction processing at the point of sale.

The company said the contracts would involve the deployment and maintenance of nearly 1.3 lakh digital payment acceptance devices across India.

For Indian Oil Corporation, Pine Labs will also manage the XTRAPOWER loyalty rewards platform used by fleet operators. The platform supports fuel management, fleet analytics, trip management and secure chip-and-PIN digital payment transactions, including card, mobile and RFID payments, the company said in an exchange filing.

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