WF Asian Smaller Companies Fund buys Rs 134 crore worth of company shares

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WF Asian Smaller Companies Fund buys Rs 134 crore worth of company shares

PB Fintech, whose shares went up 8 per cent on Thursday, saw WF Asian Smaller Companies Fund buy Rs 134 crore worth of company shares in a bulk deal, according to data available with BSE.

The data showed that the WF Asian Smaller Companies Fund purchased 3,353, 228 PB Fintech shares at an average price of Rs 400 apiece.

The stock was up 7.87 per cent to close at Rs 432.20 on the BSE.

On November 14th, the WF Asian Reconnaissance Fund bought 50,00, 000 PB Fintech shares at Rs 388, according to the NSE data.

PB Fintech shares were sold on November 14 and November 11 by Tiger Global Eight Holdings. Internet Fund III PTE sold shares of PB Fintech on November 11.

JM Fnancial said in a note on November 22 that PB Fintech is probably the one where management has been most outspoken about adjusted Ebitda breakeven. As of Q 2 of FY 23 the company already has adjusted Ebitda level profitability in its core business.

It is expected that the insurance business with Paisabazaar will become profitable in Q 4 of the year 23.

JM Financial said the company has already demonstrated a favorable trend with adjusted Ebitda margin reaching minus 9 epr cent in Q 2 FY 23. PB Fintech expects to achieve profitability in Q 4 FY 23 as Q 4 is a very strong quarter for insurance. In H 1 FY 24 we are expecting a loss in H 2 FY 24 with large profits in H 2 FY 24 to ensure that the company generates, it said.