Infibeam Avenues hits the roof on signing agreement with Jio Platforms

Infibeam Avenues hit an upper circuit of 5% at Rs 82.55 after the company signed a deal to license its e-commerce and payment software to Reliance Jio's digital platform venture.

"We hereby inform that the company has entered into a definitive agreement with Jio Platforms Limited and its affiliates, to license, customise, maintain and access our Enterprise E-commerce Software and Payments Platform for their business use," the company said in the filing post trading hours yesterday, 5 October 2020.

Shares of Infibeam Avenues have zoomed 210.92% from 52-week low of Rs 26.55 hit on 24 March 2020.

Infibeam Avenues' consolidated net profit tanked 59.2% to Rs 11.75 crore on a 44.7% decline in net sales to Rs 102.66 crore in Q1 June 2020 over Q1 June 2019.

Infibeam Avenues is a leading digital payments and e-commerce technology platforms company in India and provides a comprehensive suite of web services spanning digital payment solutions, data centre infrastructure and software platforms. It provides solutions to merchants, enterprises, corporations and governments in both domestic as well as international markets to enable online commerce. The company's digital technology facilitates businesses and governments to execute e-commerce transactions in a safe and secure manner.

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