Shares of Infibeam Avenues rose for the third straight session today amid RBI's nod to the fintech company to operate as a payment aggregator. The stock zoomed 16.47 percent intraday today to Rs 20.22 against the previous close of Rs 17.36 on BSE. Infibeam Avenues shares have gained nearly 42 per cent in the last three sessions. The stock which closed at Rs 14.26 on October 25 hit an intraday high of Rs 20.22 today, amounting to a gain of 41.79 per cent. Infibeam Avenues stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. In a month, the stock has gained 20.77 per cent. However, in a year, the share has lost 22.47 per cent and fallen 12.31 per cent in 2022.
Total 89.86 lakh shares of the firm changed hands amounting to a turnover of Rs 16.95 crore on BSE. Market cap of the firm rose to Rs 4,724 crore. The share hit a 52-week high of Rs 24.08 on January 31, 2022 and a 52-week low of Rs 12.50 on May 11, 2022.
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On Thursday (October 27), Infibeam said that the authorisation permits it to operate as a payment aggregator and provide digital payments services to any merchant online or offline across the country. "Under this provision, the fintech major will get a substantial boost to further expand its reach in multiple business segments for both online and recently launched offline digital transactions," the company said. The announcement was made after market hours.
Following the announcement, shares of Infibeam surged 16.44 per cent to hit a high of Rs 16.85 on Friday. Despite this, the scrip is still down 18 per cent year-to-date. In March 2022, the RBI issued a framework for payment aggregators in India. Under the framework, payment aggregators were mandated to obtain a licence for acquiring merchants and provide them with digital payment acceptance solutions. This was done primarily to ensure the safety of merchants and consumers.
Infibeam Avenues is an India-based financial technology company. The company offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. It offers digital payment solutions under the brand name CCAvenue and enterprise software solutions under the brand name BuildaBazaar. It provides payment options to the merchants allowing them to accept payments through Website and mobile devices in over 27 international currencies.
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