Stock below Rs 20: This fintech company surged over 9.8 per cent, find out why

With today’s high level, the company has soared over 29 per cent from its 52 week low of Rs 12.50.

On Monday, shares of Infibeam Avenues surged over 9.8 per cent from the previous closing level of Rs 14.70 to make an intraday high of Rs 16.15. The scrip closed 9.18 per cent up at Rs 16.06.  

Recently, the company announced in its exchange filing stated that they have received a perpetual license from the Reserve Bank of India (RBI) for its bill payments business, BillAvenue, for operating as a Bharat Bill Payment Operating Unit (BBPOU) under Bharat Bill Payment System (BBPS). As a BBPOU, BillAvenue operates as both a biller and customer operating unit onboarding Billers and Agent Institutions to service the customers.  

The perpetual license will help the company to offer safe, secure and uninterrupted services to their 18,000 plus billers, agent institutions and their network of one million agents spread across 2000 cities and towns in India. BillAvenue services telecom, broadband companies, cable TV, DTH players, electricity distribution companies, LPG & Gas distribution companies, FASTAG, health insurance, life insurance, NBFCs and municipalities, apart from others, as its clients.   

Infibeam Avenues Limited is one of the leading global financial technology (fintech) company offering comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company's payment solution includes acquiring and issuing solutions and offering infrastructure for banks. The company processed transactions worth INR 2.8 trillion (US$ 37 billion) in FY22 for its 7 million-plus clients across digital payments and enterprise software platforms.  

With today’s high level, the company has soared over 29 per cent from its 52-week low of Rs 12.50. Keep a close eye on this trending fintech company.