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Business News/ Markets / Stock Markets/  PB Fintech share price jumps 7% to touch 52-week high on incorporation of subsidiary PB Pay
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PB Fintech share price jumps 7% to touch 52-week high on incorporation of subsidiary PB Pay

PB Fintech share price hit a 52-week high, climbing more than 7% following the announcement of incorporating PB Pay Private Limited. The stock opened at ₹1,350.50 on BSE, with an intraday high of ₹1,400 and a low of ₹1,340.95.

PB Fintech share price today opened at ₹1,350.50 apiece on BSE. The stock touched an intraday high of ₹1,400 and an intraday low of ₹1,340.95.Premium
PB Fintech share price today opened at 1,350.50 apiece on BSE. The stock touched an intraday high of 1,400 and an intraday low of 1,340.95.

PB Fintech share price jumped over 7% to touch a 52-week high on 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 share price today opened at 1,350.50 apiece on BSE. The stock touched an intraday high of 1,400 and an intraday low 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 couple of weeks and is up 22% for the month. Overall momentum continues on the positive side, but considering the overbought zone, fresh buys at elevated levels should be avoided and buys on dips should be preferred. 1,470 is resistance, whereas 1,280 supports.

Also Read: Tata Steel, JSW ,Vedanta, Hindalco, SAIL share price rise up to 7%: Amongst top Nifty-50 gainers as metals pack shines

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The company announced in an exchange filing that it has incorporated a wholly-owned subsidiary called "PB Pay Private Limited" through a Certificate of Incorporation issued by the Registrar of Companies, Central Registration Center, Ministry of Corporate Affairs dated April 09, 2024. 

This is in accordance with Regulation 30 read with Schedule III of the SEBI Listing Regulations, and it builds upon their earlier communication dated March 20, 2024.

Promoters of Policy Bazaar, PB Fintech, announced on March 20 that their board had approved the setting up of a wholly-owned subsidiary to conduct payment aggregation operations.

Also Read: Kolte Patil share price jumps almost 10% after Motilal Oswal initiates coverage on stock

As per the company's regulatory filing on March 20, the subsidiary named 'PB Pay Private Limited' would engage in the payment aggregator 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 crore.

PB Fintech stock price rose 132.55% and outperformed its sector by 85.28% in the past year, as per trendlyne 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.

Also Read: Stocks to Buy: Indian Hotels, Godrej Properties, Sobha among 9 mid cap picks by Motilal Oswal Financial Services.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking 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 AM IST
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