India's PB Fintech jumps on Kotak's 'add' rating

PB Fintech

26/06/2023 09:05

** Shares of PB Fintech  PBFI.NS  up as much as 7.4% to
705.45 rupees, highest level since May 25, 2022 
    ** Stock posts biggest intraday pct gain since Feb. 24
    ** Rise comes after brokerage firm Kotak Institutional
Equities rates co as "add" with PT of 725 rupees 
    ** "The company leverages technology to support its
insurance partners in product development and fraud detection;
this enables its partners to cater to new customer segments and
improve their profitability," said analysts at Kotak in the note
    ** More than 3.9 mln shares changed hands by 1:30 p.m. IST
vs 30-day avg of 2.3 mln shares
    ** Nine out of 12 analysts rate the stock "buy" or higher, 2
suggest "hold" while 1 recommends "sell"; median TP is 722.50 -
Refinitiv IBES data
    ** Stock up 46.5% YTD as of last close

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))