Infibeam Avenues inks definitive agreement with second largest bank of Oman

Infibeam Avenues share price added 3 per cent during the early trading session on Friday after the company entered into a definitive agreement with Oman's second-largest bank i.e. 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 (ePGS), will process online card transactions of various payment networks for Bank Dhofar and help the bank to authorise online payment for its customers.

Through this agreement, the company would further expand in the Middle East by entering Oman and offering payment gateway services to the financial institution.

Earlier this week, the company announced signing a deal to license its e-commerce & payment software to Reliance Jio's digital platform venture.

The share touched its 52-week high Rs 94.05 and a 52-week low of Rs 26.55 on October 8, 2020, and March 24, 2020, respectively. Since its March lows, the stock is up by around 254 per cent.

On Friday, the stock of Infibeam Avenues closed at Rs 87.60 per share, up by 2.40 per cent or Rs 2.05 per share on BSE, against a 0.81 per cent gain in the benchmark index. The 52-week high is recorded at Rs 94.05 and the 52-week low is Rs 26.55 on BSE.