India's Fino Payments Bank jumps on Q1 profit surge

FINO Payments Bank

31/07/2023 07:33

** Shares of Fino Payments Bank Ltd  FINY.NS  rise as much
as 7.5% to 367.8 rupees, highest since mid-Feb 2022
    ** Digital financial services firm on Friday said June-qtr
net profit rose 85%, aided by a 76% surge in interest earned
    ** Co's board approves proposal for FINY to transition into
a small finance bank (SFB) from a payments bank
    ** Stock trading above its 50-, 100-, and 200-day moving
averages since June 19, in bullish run 
    ** Relative strength index (RSI) above 70, indicating stock
is overbought
    ** Trading volume at ~2 mln shares, 4.6x the 30-day avg of
~440,600 shares as of 11:40 a.m. IST 
    ** Stock last up 36.3% YTD

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))