Bulk Offers: FII, DII purchase stakes in Policybazaar operator PB Fintech; Brokerage sees counter to double on long-term foundation - Geo Tv News

Bulk Offers: FII, DII purchase stakes in Policybazaar operator PB Fintech; Brokerage sees counter to double on long-term foundation


For the second straight session, Capri World Holdings Personal Restricted picked up further stakes in Policybazaar operator PB Fintech on Thursday, equally, WF Asian Smaller Corporations Fund additionally purchased shares within the firm

WF Asian Smaller Corporations Fund, which is a hedge fund managed by Hong-Kong-based Ward Ferry Administration, purchased acquired a complete of 67,75,073 shares within the firm at a mean value of Rs 400 apiece for a complete of Rs 271 crore.

Whereas Capri World Holdings Personal purchased a complete of 6,06,043 shares within the firm at a mean value of Rs 258.47 apiece for a complete of over Rs 15.5 crore.

As of the quarter ended September, WF Asian Smaller Corporations Fund owned a 1.32 per cent stake within the firm, shareholding knowledge confirmed with the bourses. Final week, WF Asian Reconnaissance Fund bought 50 lakh shares of the corporate.

On Thursday, shares of PB Fintech closed 10.06 per cent greater at Rs 440.70 apiece on NSE and Rs 432.20 per scrip on BSE as in comparison with over 1 per cent rise within the Nifty and Sensex at the moment.

Home brokerage agency JM Monetary in its report on PB Fintech mentioned, “We count on the corporate to realize profitability within the fourth quarter of the monetary 12 months 2022-23 as This fall is seasonally a really robust quarter for insurance coverage.”

Nevertheless, the brokerage is anticipating losses once more within the first half of the FY24 with giant sufficient earnings within the second half of FY24 to make sure that the corporate generates 0.5% adj. EBITDA margin in FY24.

JM Monetary maintains a Purchase score on the inventory with a goal of Rs 910 apiece, implying over 108 per cent upside within the inventory.

With PTI Inputs





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