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Infibeam Avenues gains on agreement with Oman's second largest bank

Shares of the fintech solutions provider rose 3.27% to Rs 88.35 after the company said it will provide its digital payment solution to Oman's Bank Dhofar.

Infibeam Avenues has entered into a definitive agreement with Oman's second largest bank, Bank Dhofar, to offer its acquiring processor services to the bank. Under the agreement, Infibeam Avenues, through its digital payment solution, CCAvenue Payment Gateway Service (CPGS), will process online card transactions of various payment networks for Bank Dhofar and help the bank to authorize online payment for its customers.

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 firm's digital technology facilitates businesses and governments to execute e-commerce transactions.

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.

On a year-to-date (YTD) basis, the stock has surged 61.07% while the benchmark S&P BSE Sensex lost 1.81% during the same period.

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