India's Pine Labs rises after denying media report on gift-card breakage income
BUZZ-India's Pine Labs rises after denying media report on gift-card breakage income ** Digital payments firm Pine Labs' shares PINL.NS rise about 4% to 156.21 rupees, on track for biggest jump in over a week
** PINL denies Entrackr's Tuesday report that a significant share of its revenue came from gift-card unit Qwikcilver's breakage income - money loaded on gift cards that remains unused
** Co says breakage income belongs to partner brands, has never been material to revenue or profit pool
** Report flagged concerns as RBI's recent draft framework requires gift-card balances revert to customers
** UBS ("buy"), post analyst day, expects co to keep generating operating cash flow, with some seasonality
** Stock's F12M PE at 48.10 vs industry median of 21.86 - LSEG-compiled data
** YTD, PINL down about 36%
(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
Recent news on Pine Labs
See all newsBrief: Pine Labs Invests 250 Million Rupees In Unit Synergistic Financial Networks
Payment firms slide after sources say India considers delay in merchant fee plan
Brief: Pine Labs Announces Strategic Collaboration With Google Cloud In India
Analysis: Big to get bigger: India's UPI fee shift to entrench dominant incumbents
India's Paytm, Pine Labs rise after J.P. Morgan raises target price