KFin Technologies stock gains on acquisition of majority stake in Ascent Fund Services

Shares of KFin Technologies Ltd zoomed 6% in Wednesday's trade after the firm approved the acquisition of a 51% stake in Ascent Fund Services (Singapore) Pte. Ltd. for $34.68 million. It plans to acquire the remaining 49% stake over five years. The move expands KFin's global presence in fund administration across 18 countries. Ascent Fund has been operating since 2019. It has shown significant growth with a turnover of $13.32 million in FY24. The acquisition, subject to regulatory approvals, is expected to complete within 3-4 months.

Meanwhile, KFin Technologies shares rose 6% to Rs 1066.80 against the previous close of Rs 1007.40 on BSE. Market cap of KFin Technologies climbed to Rs 18,240 crore. A total of 1.14 lakh shares of the firm changed hands amounting to a turnover of Rs 11.83 crore on BSE.

KFin Technologies stock has fallen 5% in the last six months. The stock touched its yearly high of Rs 1640 on December 30, 2024 and fell to a 52-week low of Rs 600 on April 18, 2024.       

In terms of technicals, the relative strength index (RSI) of the stock stands at 49.4, signaling it's trading neither in the overbought nor in the oversold zone. KFin Technologies shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day and 150 day moving averages.  

Shares of KFin Technologies made a weak 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.