Tuesday, November 29, 2022
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HomeMarketStocksPolicybazaar shares spike 12% a day after hitting 52-week low

Policybazaar shares spike 12% a day after hitting 52-week low


Shares of new-age firm , which runs the insurance coverage aggregator platform Policybazaar, on Friday rallied as much as 12% to the day’s excessive at Rs 417.95, as merchants selected backside fishing in troubled waters.

PB Fintech shares are nonetheless down over 71% from their 52-week excessive at Rs 1,466.40. Pre-IPO buyers, together with Tiger World, have been exiting the fintech inventory after the obligatory lock-in interval for early buyers ended on November 10.

Disclosures made beneath SEBI SAST (Substantial Acquisition of Shares and Takeovers) Rules present that Tiger World Eight Holdings and Web Fund III bought 182.8 crore shares on November 11.

For brokerages, the inventory, nevertheless, stays a purchase, as out of 11 analysts with protection on PB Fintech, solely one among them has a maintain score. The typical goal value of Rs 692.3 indicators an upside potential of 86.3%, with essentially the most bullish advice going as much as Rs 910.

Within the September quarter, the corporate reported a narrowing of internet loss to Rs 186.64 crore. Its income from operations surged 105.1% YoY to Rs 573.47 crore.

“We estimate PB Fintech to proceed dominating insurance coverage distribution in India pushed by its omnichannel play and continued deal with enhancing insurance coverage penetration by way of New Initiatives sustainably,” home brokerage

stated.



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