KFin Technologies stock zooms 7% on inking contract with LIC Pension Fund

Shares of KFin Technologies Ltd zoomed 7% in Thursday’s trade after the firm inked a high value multi-year Investment Management Solution (IMS) contract with LIC Pension Fund Limited (LICPFL).  KFin Technologies shares rose 7%  to Rs 481.80 against the previous close of Rs 450 on BSE. Market cap of KFin Technologies rose to Rs 7735.70 crore. A total of 0.20 lakh shares of the firm changed hands amounting to a turnover of Rs 91.15 crore on BSE.

KFin Technologies stock rose 55% in the last six months. The stock touched its yearly high of Rs 493 on October 3, 2023 and fell to a 52-week low of Rs 271.05 on March 29, 2023.

In terms of technicals, the relative strength index (RSI) of the stock stands at 46.4, signaling it's trading neither in the overbought nor in the oversold zone. KFin Technologies shares are trading lower than the 5 day, 10 day, 20 day, 30 day but lower than the 50 day, 100 day and 150 day moving averages.

LIC Pension Fund has chosen KFintech to design, create, and administer the investment management solution to provide enhanced customer service, security, compliance, and to be future-ready for the scale LICPFL anticipates achieving. LICPFL initiated a Request for Proposal (RFP) process in 2023, seeking a comprehensive end to-end IMS solution.

Shares of KFin Technologies made a tepid market debut on December 29, 2022. The stock listed at Rs 369 on BSE, 0.82% higher to the IPO price. Market cap of KFin Technologies stood at Rs 6,183 crore. The stock listed at Rs 367 on NSE. The IPO of KFin Technologies was open from December 19 to December 21. The IPO had a price band of Rs 347-366 per share.

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