CAMS zooms ~8% as RBI grants online payment aggregator authorization

12 Apr 2024 , 02:53 PM

Computer Age Management Services (CAMS) shares rose about 8% to ₹3,220 in Friday’s NSE session after the Reserve Bank of India (RBI) granted the business permission to operate as an online payment aggregator.

CAMS acquired an in-principle permission from the RBI in February 2023, according to the business, and the certificate of authorization bearing No. 183/2024 was received on April 10, 2024.

The company’s payment business segment, CAMSPAY, now serves clients such as mutual funds, insurance companies, banks, and non-bank financial institutions.

CAMSPAY, the company’s payment business unit, serves the banking, financial services, and insurance (BFSI) sectors, as well as education technology (Ed-Tech). CAMSPay services a varied range of clients, including mutual funds, insurance firms, banks, and non-banking financial organisations.

CAMSPay reached a milestone in March 2024 by registering more than 1.2 million UPI Autopay mandates, demonstrating the company’s rising prominence in the online Digital Payments segment.

At around 1.32 PM, CAMS was trading 3.74% higher at ₹3,164.20 per piece, against the previous close of ₹3,050.15 on NSE.

According to reports, the average target price for the stock is ₹3,080, representing a 3% drop from current market levels. The consensus rating from 12 analysts for the stock is ‘Hold’.

In technical terms, the stock’s relative strength index (RSI) is at 52.4, indicating that it is not overbought or oversold. Additionally, the MACD is at 31.5, which is above its centre and signal line, indicating a bullish trend.

CAMS stock outperformed the 5-, 10-, 20-, 30-, 50-, 100-, 150-, and 200-day simple moving averages (SMAs).

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