Paisalo Digital share price zoomed 17 percent intraday on December 28 after SBI Life Insurance bought 38 lakh shares of the company.
SBI Life Insurance on December 24 acquired 8.99 percent stake in non-deposit taking NBFC Paisalo Digital for Rs 186.20 crore.
The open market transaction involved acquisition of 38 lakh shares at Rs 489.99 each, the insurer said in a regulatory filing. It is not a related party transaction, the insurer added.
It was trading at Rs 609.95, up Rs 88.65, or 17.01 percent. It has touched a 52-week high of Rs 625.55.
The stock witnessed spurt in volume by more than 2.42 times and was trading with volumes of 22,827 shares, compared to its five day average of 12,256 shares, an increase of 86.25 percent.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: Price above short, medium and long term moving averages. The company has zero promoter pledge with FII / FPI or institutions increasing their shareholding.
Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.