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Infibeam Avenues rises on signing agreement with JP Morgan

Capital Market 

Infibeam Avenues rose 1.2% to Rs 88.35 after the company said it entered into a definitive agreement with JPMorgan Chase Bank N.A., India (JPMC) to provide payment solutions.

As per the definitive agreement, JPMC will use Infibeam Avenues' flagship enterprise payment platform, CCAvenue, for processing transactions of its enterprise clients.

CCAvenue is a PCI DSS 3.2.1 compliant payment gateway platform offering merchants with over 240 payment options including net-banking, all type of credit & debit cards, digital wallets including, UPI payments connecting to over 55+ Indian banks in real-time.

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.

On a consolidated basis, the company's net profit slumped 57.6% to Rs 11.90 on a 44.7% fall in net sales to Rs 102.66 crore in Q1 FY21 over Q1 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, October 14 2020. 15:16 IST