PB Fintech continued its 7-session gaining streak as it jumped over 3% to reach Friday's intraday high of ₹527.
What Happened: The shares of the company have been on an uptrend since the announcement of the board meeting to approve the Q3 results. The share has surged 21% since the announcement was made on Jan. 30. It dipped over 6% on Feb. 1 when the budget brought disappointing news for the entire sector. It bounced the day after and has since then been on a gaining streak.
JM Financial estimates that the company will see over 40% year-over-year growth in insurance premiums and 59% YoY growth in loan disbursals.
The brokerage firm also stated that it expects Paisabazaar's revenue to grow at 71% YoY and Policybazaar’s revenue to grow at 59%. It estimates that the company's losses will narrow down to ₹150 crore.
The company reported a consolidated loss of ₹186.6 crore on a revenue of ₹633.8 crore in the September quarter.
Get Ring The Bell, Benzinga India’s weekly briefing. Designed specifically for investors like you.
The company's earning call is scheduled for 6 pm today, the Q3 results will be coming out before the call.
Price Action: PB Fintech shares traded 2.23 higher at ₹522.95 in the afternoon hours of trading on Friday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.