PB Fintech shares rallied over 5% during the early trading hours today to touch a fresh all-time high at INR 2,230 apiece on the BSE
Amid a rise in its share price, the market capitalisation of insurtech major Policybazaar’s parent inched closer to the $12 Bn mark
Last month, PB Fintech received approval from its board to set up a new subsidiary to offer healthcare services
Shares of insurtech major Policybazaar’s parent PB Fintech rallied more than 5% during the early trading hours to touch a fresh all-time high at INR 2,230 apiece on the BSE today (January 2).
However, the stock pared some gains during the intraday trade and was quoting at INR 2,197.40 at 2:58 PM.
Notably, the stock has ended in green in 8 out of the last 12 trading sessions. Over the last 12 months, it has delivered an impressive upward run of 179%.
Amid a rise in its share price on Thursday, the market capitalisation of PB Fintech inched closer to the $12 Bn mark. At the time of writing, the company was valued at INR 1,00,909.19 Cr (around $11.8 Bn).
The stock has been on an upward trend since PB Fintech disclosed its earnings for the September quarter of the financial year 2024-25 (Q2 FY25).
PB Fintech posted a consolidated net profit of INR 50.98 Cr in the September quarter of the financial year 2024-25 against a loss of INR 21.11 Cr in the year-ago period.
Operating revenue jumped more than 43% year-on-year to INR 1,167.2 Cr during the quarter under review.
Last month, the insurtech major said it received approval from its board to set up a new subsidiary to offer healthcare services. In September, group chairman and CEO Yashish Dahiya said that PB Fintech would make a one-time investment of $100 Mn to acquire a 30% stake in a new healthcare company.
As Inc42 reported, global brokerage Bernstein expressed caution over the company’s healthcare foray earlier, noting it would be a sharp departure from the company’s current asset-light model to a more asset-heavy space.
However, it reaffirmed its ‘outperform’ rating on PB Fintech, saying the healthcare foray could further strengthen the company’s position in the Indian health insurance market.