Shares of PB Fintech, the parent company of Policybazaar, rose 5.6% following a significant reduction in its Q4FY23 losses to Rs 8.9 crore, compared to last year’s Rs 220 crore. Revenue from operations rose 61% YoY to Rs 869 crore. Brokerage firm Morgan Stanley gave an ‘overweight’ call on the counter, Kotak maintained an ‘add,’ and JM Financial recommended a ‘buy.’ Nuvama suggested a ‘hold’ for the stock. Morgan Stanley estimates that further premiums mobilized in the quarter were worth ~Rs40-50mn. However, contributions of such business to premiums and revenues were low.
Vedanta shares slide 10% amid global selloff, fears of growth in metals sector
As exporters from countries such as Vietnam, South Korea, and Japan shift their focus to alternative markets like India and the Middle East, Indian manufacturers