Now Reading: Ebix shares hit sixth straight upper circuit, rally 36% from low
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Ebix shares hit sixth straight upper circuit, rally 36% from low
Ebix shares hit sixth straight upper circuit, rally 36% from low
Ebix shares locked in a 5% upper circuit at Rs 22.02 on Tuesday, marking six consecutive sessions of gains. The stock has surged 36% from its 52-week low of Rs 16.15 touched…
Ebix shares locked in a 5% upper circuit at Rs 22.02 on Tuesday, marking six consecutive sessions of gains. The stock has surged 36% from its 52-week low of Rs 16.15 touched on August 18, with the rally drawing investor attention to the small-cap stock trading under Rs 50.
The company's payments subsidiary, EbixCash World Money Limited, received RBI approval to conduct trade remittances, becoming the first non-bank entity in India to get such authorisation. Separately, Ebix and its distribution arm, in partnership with NSDL Payments Bank, have issued over one crore NCMC RuPay smart cards in five months for concessional passengers of Maharashtra's state transport corporation.
The RBI approval expands EbixCash's existing AD-II licence to include trade remittances under FEMA guidelines, broadening its regulated cross-border payments portfolio in a segment traditionally dominated by banks.
Indian Opinion Analysis
The sharp run in Ebix shares comes on the back of two regulatory catalysts. One is the RBI approval for trade remittances under EbixCash's existing AD-II licence, a segment non-bank entities have long sought entry into. The other is the rapid issuance of NCMC RuPay cards, the National Common Mobility Card scheme is a government push to unify transit and retail payments, and a private player reaching a crore cards in five months signals real traction. With the stock still trading below Rs 50 and the 52-week low just days old, the rally rests on regulatory momentum rather than earnings releases. The next price trigger will be the company's September quarter results and any further disclosures on the remittance volume under the new licence.
Source: livemint.com
This brief was synthesised by AI from the source linked above.
