Shares of this fintech bank locked in upper circuit, do you own it?

The scrip witnessed close to 7.46 times spurt in volume in today's session.

On Friday, shares of Fino Payments Bank saw a solid price-volume breakout and froze at 20 per cent upper circuit, recording an intra-day high of Rs 231.60 per share on BSE. The scrip witnessed close to a 7.46 times spurt in volume in today's session.    

In Q2FY23, the company’s revenue grew 25 per cent on a YoY basis to Rs 303.33 crore and reported a profit after tax of Rs 13.8 crore, which is 75 per cent higher than the corresponding quarter last year. The bank opened 7.6 lakh accounts in this quarter which is the highest in its history. The company maintains a strong growth outlook and is confident of growing at 25 per cent over the next few years.   

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 payment focus. It offers such products and services to the target market via the pan-India distribution network. They aim to achieve 20 lakh distribution points, 2 crore CASA customers, double the wallet share on active customers to Rs 1000 per customer and increase the digital footprint in the next three years.  

High-risk investors should keep a close eye on this trending stock.