The shares of the multinational fintech company gained up to 10 percent after the company expanded its operations by acquiring a 20 percent stake worth in XDuce a US-based company.
With a market capitalization of Rs 10,293.88 crore, the shares of Infibeam Avenues Ltd were trading at Rs 36.85 per share, increasing around 7 percent as compared to the previous closing price of Rs 34.46 apiece.
As per the exchange filing, Infibeam Avenues Ltd made an investment of USD 10 million for the acquisition of a 20 percent stake in XDuce, an AI development company based in the United States.
Furthermore, with this strategic investment, the company will gain the strategic advantage of tapping into this illustrious network for its Phronetic AI Solutions and CCAvenue Payments business in the US.
Moreover, XDuce will support the US growth of the company’s payment gateway brand, CCAvenue, positioning it strongly in the immensely profitable financial sector of the United States.
Looking into the company’s performance, Infibeam Avenues Ltd’s revenue increased by 119 percent from Rs 415 Crore in Q3FY23 to Rs 912 Crore in Q3FY24. During the same period, net profit increased by 17 percent from Rs 35 crore to Rs 41 Crore.
In the December quarter, the Company signed a Memorandum of Understanding (MoU) with the Gujarat Government, proposing an investment of Rs 20 billion (about USD 250 million) by the fiscal year 2030.
Infibeam Avenues shares have delivered multi-bagger returns of 162.99% in the previous six months and 131.97% in a year. As a result, If a shareholder investment of Rs 1 lakh in the firm is now worth Rs 2.04 lakh.
Infibeam Avenues Limited provides digital payment solutions and corporate software platforms to businesses and governments across many industrial verticals. CCAvenue offers digital payment systems, whereas BuildaBazaar provides business software solutions.
Written by:- Abhishek Singh
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
