PB Fintech surges as its arm gets in-principle approval for upgradation of license
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PB Fintech is currently trading at Rs. 985.65, up by 53.80 points or 5.77% from its previous closing of Rs. 931.85 on the BSE.
The scrip opened at Rs. 966.15 and has touched a high and low of Rs. 996.35 and Rs. 966.15 respectively. So far 79165 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1050.10 on 01-Feb-2024 and a 52 week low of Rs. 481.00 on 17-Feb-2023.
Last one week high and low of the scrip stood at Rs. 969.55 and Rs. 907.60 respectively. The current market cap of the company is Rs. 44362.32 crore.
The Institutions and Non-Institutions held 64.98% and 35.02% stake in the company, respectively.
PB Fintech’s wholly owned subsidiary -- Policybazaar Insurance Brokers has received in-principle approval from Insurance Regulatory and Development Authority of India (IRDAI) for upgradation of license from Direct Insurance Broker (Life & General) to Composite Insurance Broker under IRDAI (Insurance Brokers) Regulations, 2018. This will allow company to deepen the insurance penetration in the country by bringing more technology, process control and data analytics based innovation into re-insurance capacity.
PB Fintech is India's leading online platform for insurance and lending products. The company provides convenient access to insurance, credit, and other financial products and aims to create awareness in India about the financial impact of death, disease, and damage.
