Why Paisalo Digital share rose 20% in early trade

Paisalo Digital stock rose 20 per cent in early trade today after  SBI Life Insurance Company bought a 9 per cent stake in the  non-banking finance company via open market. Share of Paisalo Digital gained 20% to 52-week high of Rs 625.55 against previous close of Rs 520.60  on BSE. The share has gained 24.85% in the last 3 days.

Paisalo Digital share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 36.68% in one year and risen 41.35% since the beginning of this year. In one month, the share has gained 60.1%.  The stock has risen 23.2% in one week.

Market cap of the firm rose to Rs 2,594 crore on BSE. At 12:00 pm, share of the firm was trading 17.43% or Rs 90 higher at Rs 612.15 on BSE.

On NSE, the stock gained 17.55% or Rs 91.35 to Rs 611.95 in afternoon trade.

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On December 24, 2020, SBI Life Insurance Company bought 3.8 million equity shares, representing 8.99 per cent equity of Paisalo Digital, for Rs 186 crore via bulk deal on the NSE at Rs 490 per share, exchange data show.

Antara India Evergreen Fund (1.5 million equity shares), Elara India Opportunities Fund (1.1 million), Heshika Growth Fund (0.29 million) and Davos International Fund (0.08 million) collectively sold 36.9 million shares of Paisalo Digital. The names of other sellers were, however, not ascertained immediately.

Meanwhile, market indices opened at fresh record highs today tracking gains in index majors, amid positive cues from global equities. Later, Sensex hit an all-time high of 47,354 and Nifty logged a lifetime high of 13,865.

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