PB Fintech declines on profit booking

PB Fintech slipped 3% to Rs 558.80 on profit selling after recent steep gains.

Shares of the fintech major jumped 18.93% in the past five sessions to end at Rs 576.10 on Friday, 24 February 2023 from its recent closing low of Rs 484.40 on 17 February 2023.

On the BSE, 74,447 shares were traded in the counter so far compared with average daily volumes of 1.46 lakh shares in the past two weeks. The stock hit a high of Rs 572 and a low of Rs 545.15 so far during the day.

The stock hit a 52-week high of Rs 827.95 on 6 April 2022. The stock hit a 52-week low of Rs 356.2 on 17 November 2022.

The stock had outperformed the market over the past one month, advancing 39.09% compared with 0.24% decline in the Sensex.

The counter outperformed the market in past three months, rising 21.43% as against Sensex's 4.99% fall.

However, the scrip had underperformed the market in past one year, declining 16.23% as against Sensex's 5.96% jump.

On the technical front, the stock's daily RSI (relative strength index) stood at 67.579. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 465.05, 446.08 and 502.94, respectively. These levels will act as crucial support zones in near term.

PB Fintech, the owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products.

The company reported a consolidated net loss of Rs 87.62 crore in Q3 FY23 from a net loss of Rs 298.02 crore in Q3 FY22. Revenue from operations surged 66.1% year on year to Rs 610.09 crore in the quarter ended 31 December 2022.

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