Computer Age Management Services (CAMS) shares jumped 6% to Rs 3,220 in Friday’s trade on BSE after the Reserve Bank of India (RBI) granted authorisation to the company to operate as an online payment aggregator.
CAMS got an in-principle authorisation from RBI back in February 2023, the company said, adding that the certificate of authorisation bearing No 183/2024 was received on April 10, 2024 by the company.
The company’s payment business unit CAMSPAY currently serves clients, which include mutual funds, insurance companies, banks and NBFCs.
CAMSPAY, the payment business unit of the company caters to the needs of the banking, financial services, Insurance (BFSI), and Education Technology (Ed-Tech) sectors. CAMSPay serves a diverse portfolio of clients which include mutual funds, insurance companies, banks, and non-banking finance companies.
In March 2024, CAMSPay achieved a record-setting registration of more than 1.2 million mandates for UPI Autopay, underlining the company’s growing influence in the online Digital Payments Segment.
At 10:44 am, the stock was trading 4.1% higher at Rs 3,179.2 on BSE. Additionally, the stock has surged over 20% year-to-date and nearly 50% in the last year.
As per Trendlyne data, the average target price of the stock is Rs 3,080, which shows a downside of 3% from the current market prices. The consensus recommendation from 12 analysts for the stock is a ‘Hold’.
In technical terms, the relative strength index (RSI) of the stock is currently at 52.4, signaling it’s neither trading in the overbought nor in the oversold territory. Additionally, the MACD is at 31.5, which is above its center and signal line, this is a bullish indicator.
CAMS stock stood higher than the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day and 200-day simple moving averages (SMAs).
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