Pine Labs Shares Gain 3.5% Following Awards of Multi-Year Contracts with Three Oil Marketing Companies

Pine Labs Shares Surge on Multi-Year Contracts with State-Run Oil Marketing Companies

Pine Labs, a leading fintech firm, reported a 3.31% increase in its shares on the National Stock Exchange (NSE), trading at Rs 208.72 per share on Monday. The stock gain was attributed to the company's announcement of securing multi-year contracts with three state-run oil marketing companies.

Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, and Indian Oil Corporation Limited have awarded contracts to Pine Labs for the deployment, management, and maintenance of digital payments infrastructure at petrol pumps and merchant outlets across India. The agreements are multi-year in nature and relate to payment acceptance and transaction processing at the point of sale.

Under the contracts, Pine Labs will deploy and maintain nearly 1.3 lakh digital payment acceptance devices across India. Additionally, for Indian Oil Corporation, the company will manage the XTRAPOWER loyalty rewards platform used by fleet operators. The platform supports various services, including fuel management, fleet analytics, trip management, and secure chip-and-PIN digital payment transactions.

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