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Ebix hits 5% upper circuit for sixth straight session
The stock has rebounded more than 36% from its 52-week low of ₹16.15, while its payments unit secured RBI approval for trade remittances.
Ebix shares surged to a 5% upper circuit on Tuesday, 25 August, closing at ₹22.02 on the BSE for the sixth consecutive trading session, after opening at an intraday low of ₹22.0 and topping out at ₹22.02.
The rally comes after Ebix rebounded strongly from a fresh 52-week low of ₹16.15, reached on 18 August, with the sustained move taking the stock up more than 36% from that level.
The company also highlighted progress in its payments business, saying Ebix and its distribution arm, Ebix Payment Services, issued more than one crore NCMC RuPay smart cards in about five months, averaging roughly 66,000 cards per day.
Separately, LiveMint Markets reported that EbixCash World Money Limited received approval from the Reserve Bank of India to undertake trade remittances, described as the first such approval for a non-bank institution in India.