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Fintech
Tencent Cloud sells shares worth Rs 1,668.15 crore in PB Fintech
As of June 30, Tencent Cloud Europe B.V. held a 4.26% stake in the company. Axis Mutual Fund, Mirae Asset MF, Marshall Wace Investment Strategies Eureka Fund, SBI MF and Goldman Sachs (Singapore) PTE-ODI were among some of the buyers.
Fintechs can earn trust if they treat the customers fairly, says RBI deputy guv
A senior official from the Reserve Bank of India stressed that fintech companies should prioritize social and macroeconomic interests over business gains. Highlighting the role of Self-regulatory Organisations (SROs), Deputy Governor T Rabi Sankar urged fintechs to build customer trust through fair treatment and honest communication, avoiding misleading practices for long-term success.
Fintech firms should focus on creating solutions for problems faced by developing nations: Official
Fintech companies should address the challenges of developing countries, said Mahaveer Singhvi, Joint Secretary for New Emerging and Strategic Technologies at the Ministry of External Affairs. Speaking at the 2024 Global Fintech Fest, he emphasised the importance of cross-border cooperation and focusing on financial inclusion. He highlighted the potential benefits for businesses and diplomatic objectives.
RBI's mandate for fintech SRO; Instamart’s new CEO
The Reserve Bank of India (RBI) expects self-regulatory organisations (SROs) to safeguard consumer interest and ensure responsible growth in the fintech sector. More on this on today’s ETtech Top 5.
RBI recognises FACE as self-regulatory organisation in FinTech sector
The Reserve Bank of India has designated the Fintech Association for Consumer Empowerment (FACE) as a Self-Regulatory Organisation in the FinTech Sector. The RBI received three applications, including FACE, for this recognition, and one application has been returned for resubmission. The governor indicated that more such organisations could be approved in the future.
PB Fintech shares jump over 3% after Rs 1,610 crore block deal
PB Fintech Share Price: Shares of PB Fintech, parent of Policybazaar, surged by 3.5% on BSE after a likely 2.1% equity stake sale worth Rs 1,610 crore via a block deal, with Tencent reportedly being the seller. The stock has delivered impressive returns over the past year and reported a consolidated net profit of Rs 60 crore for Q1 2024.
Stocks in news: RIL, IndiGo, PB Fintech, Vedanta, Tata Steel
Stocks in News Today: Chinese multinational technology conglomerate Tencent is likely to sell 2.1% stake in PB Fintech via block deal at an estimated price of Rs 1,610 crore.
Tencent likely to sell 2.1% stake in PB Fintech via block deal for Rs 1,610 crore: Report
The floor price for the issue is set at Rs 1,660.2 per share, a 4.4% discount to Wednesday's closing price. Tencent, which held a 4.6% stake in the Policybazaar parent company as of June 30, 2024, is reportedly selling its stake.
ETtech in-depth: Decoding PB Fintech’s bull run on the stock markets
PBFintech, the parent entity of Policybazaar, is having a dream run at the stock exchanges. The company is nearing a $10 billion market capitalisation as its stock price has grown to around Rs 1,800 from Rs 1,000 six months ago. While Policybazaar is yet to taste profits from its new initiatives, it is definitely seeing its losses cut down.
PB Fintech
PB Fintech posted a profit of Rs 60.18 crore in Q1FY25, compared to a net loss of Rs 11.41 crore in Q1FY24.
Up 110%, PB Fintech bags crown of world's best performing fintech stock of 2024
PB Fintech has seen a 110% surge in share price this year, making it the top performer among major financial technology firms globally. The company's profits have soared, driven by the revival in unsecured lending. PB Fintech reported a net profit of Rs 60 crore in the June quarter, with substantial growth in insurance premiums and credit disbursal.
PB Fintech
VWAP: Rs 1,642.51 | LTP: Rs 1,691.95
PB Fintech
VWAP: Rs 1608.57| LTP: Rs 1574.05
PB Fintech
New 52-week of high: Rs 1709.4| CMP: Rs 1573.5. In the last one month stock has gained about 8%.
PB Fintech
Price Performance in CY24: 87% | CMP: Rs 1,481 Number of MF schemes that held stock in July 2024: 136 As of July '24, the market value of stocks in equity mutual funds reached Rs 7,266 crore.
PB Fintech
RSI: 53.96 | Prev. RSI 47.85 | CMP: Rs 1,482.65
PB Fintech
New 52-week high: Rs 1,664.35 | CMP: Rs 1,518.3 In the last one month, the stock has gained about 10%.
PB Fintech: Exit
The stock has been trading in the range of 1380-1525 for the last few weeks which can be considered as a consolidation phase. The stock price is hovering around the short-term moving averages since its consolidation phase while indicators have turned a bit south so it's time to be cautious. On the downside if we break 1380, we may see 1085 which is a 200-day average. So, we recommend investors to exit at current levels.
PB Fintech
Close: Rs 1,500.8 | Change (%) 4.13
PB Fintech
1-year price performance: 109%; CMP: Rs 1,493
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