The announcement was made after market hours yesterday.

On the BSE, 11.64 lakh shares were traded in the counter so far compared with average daily volumes of 5.12 lakh shares in the past two weeks. The stock hit a high of Rs 16.45 and a low of Rs 15.2 so far during the day.

The stock had outperformed the Sensex over the past one month, up 19.79% compared with 10.15% rise in the Sensex.

Infibeam Avenues is a leading digital payments and e-commerce technology platforms company in India and provides a comprehensive suite of web services spanning digital payment solutions, data centre infrastructure and software platforms.

The company's consolidated net profit climbed 68.8% to Rs 23.74 crore on 93.3% surge in net sales to Rs 418.31 crore in Q1 FY23 over Q1 FY22.