PB Fintech jumps over 7%, hits 52-week high on ICICI Lombard partnership
PB Fintech jumped over 7% to hit a fresh 52-week high at Rs 1,400 in Wednesday's trade on BSE after the company announced a partnership with ICICI Lombard to provide insurance solutions to 1 crore customers.
«The collaboration encompasses access to nearly 10 million customers with a wide range of insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance. The partnership entails inclusion across multiple business lines of the Policybazaar platform, policybazaar.com catering to retail audiences, PB for Business for corporates, and PB Partners for channel partners,» ICICI Lombard said in an exchange filing.
Meanwhile, the rise in PB Fintech's share price also comes after the company incorporated a subsidiary unit.
«We hereby inform you that a wholly owned subsidiary of the company by the name of PB Pay Private Limited has been incorporated vide certificate of incorporation issued by the registrar of companies, Central Registration Centre, Ministry of Corporate Affairs, dated April 9, 2024,» PB Fintech said in an exchange filing.
In March, the promoter of PB Fintech approved the incorporation of PB Pay, which was created to conduct the business of payment aggregator with a paid-up capital of Rs 27 crore.
At 10:38 am, PB Fintech's stock was trading 4% higher at Rs 1,357 on BSE. Meanwhile, it has also rallied 70% year-to-date (YTD), and over 130% in the last year.
In Q3 FY24, PB Fintech reported strong numbers, with the company posting a consolidated
