Shares of this market leader stock under the ‘small-cap’ category jumped approximately 5 percent in Tuesday’s trading session after the company’s wholly-owned subsidiary is set to facilitate the issuance of insurance policies in electronic mode. Year-to-date, the company’s stock has gained close to 20 percent for its stakeholders.
With a market capitalization of Rs 15,413 crores, the stocks of Computer Age Management Services Limited started their trading session on Tuesday at Rs 3,005.05 and currently trades at Rs 3,136.35, gaining around 5 percent compared to the previous closing levels of Rs 2,992.95 apiece.
Such sharp stock price movements were witnessed today after the company, through a recent regulatory filing with the Bombay Stock Exchange (BSE), provided a key business update.
A couple of days back, the ‘Insurance Regulatory and Development Authority of India’ (IRDAI) notified about the mandate of issuance of insurance policies by insurance companies in ‘electronic form’ w.e.f. April 1st, 2024.
In association with the same, CAMS Insurance Repository Services Limited (CAMSREP), one of the wholly-owned subsidiaries of the company, is an Insurance Repository registered with the IRDAI and is facilitating the issuance of policies in electronic mode.
Incorporated in 2011, CAMSREP is presently the second largest repository in the country with 60 lakh E-Insurance accounts and 72 lakh electronic policies maintained in its repository.
In addition to the above developments, the company is also establishing the ‘Bima Central’ platform as an industry solution to facilitate the transactions of a policyholder from a single platform.
During the recent financial quarters, the company’s basic business parameters, viz, its operating revenues as well as after-tax profits, have reported an increase in numbers with the former shifting up from Rs 255 crores during Q2FY24 to Rs 269 crores during Q3FY24, and the latter, during the same time horizon, rising from Rs 81 crores to Rs 86 crores.
Founded in 1988, Computer Age Management Services Limited (CAMS) is India’s largest Mutual Fund Transfer Agency serving over 68.20 percent of assets of the Indian mutual fund industry.
The company also provides a comprehensive portfolio of technology-based services, including transaction execution, payment, settlement & reconciliation, investor interface, record keeping, report generation, and many other services.
Written by Amit Madnani
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