Upper circuit stock: Infibeam Avenues continues upward surge

On Wednesday, the shares of Infibeam Avenues locked at five per cent upper circuit for the third consecutive day.

This upward momentum in Infibeam Avenues’ shares came after the company entered into an agreement with Jio Platforms.

The agreement allows Jio Platforms Ltd to license, customise, maintain and access Infibeam Avenues Enterprise E-commerce Software & Payments Platform for their business use.

The stock jumped more than 4.97 per cent and made a new 52-week high of Rs 86.65 on BSE

The stock of Infibeam Avenues has recovered by 210.09 per cent from its sharp decline of March 2020.

On a YTD basis, the stock has gained by 59.14 per cent. It has given returns of 118.26 per cent in 1 year. According to BSE data, the stock traded at a price-to-book ratio of 2.08.

The company is India's leading e-commerce & payment solutions provider to businesses and the government. It is primarily engaged in the business of software development services, maintenance, web development, payment gateway services, e-commerce, and other ancillary services.

The share price of the company closed at Rs 86.65, up by 4.97 per cent on BSE.