India's Infibeam Avenues rises on jump in Sept-qtr profit

Avenuesai

04/11/2022 09:24

** Shares of Indian financial technology company Infibeam Avenues Ltd
 IFIB.NS  rise as much as 7.5% to 19.40 rupees, highest since Oct.31
    ** IFIB said on Friday its consolidated net profit more than doubled to
407.4 million Indian rupees ($4.94 million) in the quarter ended Sept. 30
    ** Income from operations rose to 4.77 billion rupees from 3.11 billion
rupees a year ago  urn:newsml:reuters.com:*:nFWN31ZBXH
    ** The co said its board has discussed plans to explore participation in
India Govt's Open Network for Digital Commerce (ONDC) to build buyers & sellers'
apps for merchants – MSMEs, SMEs, large companies & kirana stores to facilitate
their integration with ONDC, along with payments
    **Co said it has also received 'in-principle' approval from the Reserve Bank
of India to operate as a payment aggregator
    ** More than 18.42 mln shares change hands vs 30-day avg of 8.4 mln shares
    ** Stock down 10.2% so far this year, as of last close 
($1 = 82.4930 Indian rupees)
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))