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The shares of FINO Payments Bank Ltd opened 10 percent higher at Rs 258 on Thursday as against its previous close of Rs 231. Till the afternoon, the stock had further gained 5 percent and was trading at Rs 267 levels. 

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In the past three days, the stock has rallied by approximately 44 percent, as the share price has increased from Rs 186 to the current levels.

The shares have been rising after the trading volumes rose. The stock also saw multiple block deals and large shares change hands on the exchange.

Investor Capri Global Holdings has picked a 1.58% stake or 13.19 lakh shares in Fino Payments Bank via open market transactions. These shares were bought at an average price of Rs 228.77 per share. 

Financial Inclusion Network Operations (“FINO”) is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus. 

In Q2FY23, Fino payments bank reported a total revenue of Rs 303.33 crore which was an increase of 25 percent Year on Year (YoY) from Rs 242.15 crore. Their net profit in the period stood at Rs 13.8 crore which was an increase from Rs 7.89 crore. 

The stock was listed on the Indian stock exchanges in November last year. It reached its 52-week high of Rs 492 a month later. Currently, it is trading at a discount of approximately 40 per cent. 

ICICI Securities remains bullish on the stock and has a ‘Buy’ tag with a target price of Rs 325 per share which represents an upside of 26% from the current levels. 

The small-cap company has a market capitalization of Rs 2,163 crore. The promoters hold a 75 per cent stake in the company and the Foreign Institutional Investors (FIIs) hold a 9.26 per cent stake. 

Written by Anoushka Roy

Disclaimer

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