Pine Labs rose to a day high of Rs 163.29 on Wednesday, after Rs 550 crore worth of shares changed hands via a pre-open block deal.

The deal involved 3.5 crore shares of the fintech firm, which works out to about 3.1% of Pine Labs’ total equity.

Shares changed hands at an average price of Rs 155 apiece. The exchanges have not disclosed who bought or sold the stake. There is some context worth adding here.

A day earlier, on September 1, it was reported that Alpha Wave Ventures II LP and Alpha Wave India I LP were looking to sell their entire holdings in Pine Labs, together around 3.2% of the company, at a floor price of Rs 153.5 a share.

That would have valued the block at roughly Rs 560.3 crore. Shareholding data as of the June quarter shows Alpha Wave Ventures II LP held a 3.11% stake in Pine Labs.

If it turns out to be the seller in Wednesday’s block, this would mark a complete exit from the stock for the fund. Away from the block deal, Pine Labs also has decent numbers to show for the June quarter.

Net profit jumped to Rs 19.6 crore from Rs 5 crore a year earlier. Revenue grew 19.6% to Rs 737 crore from Rs 616 crore.

EBITDA more than doubled to Rs 96 crore from Rs 44.6 crore, and margins expanded to 12.9% from 7.2%. The company has said it expects margins to improve further through FY27.

NSE data shows the stock has gained 14.19% over the past month, though it is still down 32.51% since the start of the year.

The stock touched a 52 week high of Rs 284 in November last year and a low of Rs 134.73 in May this year.

As of 10:04 am on September 2, Pine Labs shares were trading at Rs 158.86, down 0.64% for the day, having given up part of the earlier gains after touching the day’s high.

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