Paytm Jumps Over 4% Post July Business Update, Other New-Age Tech Stocks Also Rise

After a few sessions of steep decline, shares of Paytm rose over 4% to INR 799.4 during the intraday trading on the BSE on Friday (August 4). The jump in share price came a day after the fintech major released its monthly operational update for July.

Paytm on Thursday said its lending business continued to grow in July, disbursing 43 Lakh loans worth INR 5,194 Cr ($632 Mn), which was a rise of 7.5% and 0.6% on a month-on-month (MoM) basis, respectively. 

On a year-on-year basis, the number of loans and value of loans disbursed surged 46% and 148%, respectively, in July this year.

Last month, Paytm reported a 44.5% year-on-year (YoY) decline in its consolidated net loss to INR 358.4 Cr in Q1 FY24, However, its quarterly loss widened over 2X on a quarter-on-quarter (QoQ) basis.

Paytm had reported a net loss of INR 167.5 Cr in the March quarter of FY23. 

Following its Q1 results, shares of Paytm slumped over 9% in just two weeks. However, it is pertinent to note that Paytm shares rose sharply before that as investor sentiment turned positive on hopes of the company achieving its profitability targets going ahead.

Shares of Paytm surged 44.5% year to date till its close on Thursday. The shares ended today’s trading session almost 3.6% higher at INR 795.45 on the BSE.

As foodtech giant Zomato reported its first positive quarter on Thursday, other new-age tech stocks which are aggressively focusing on turning profitable or sustaining their profitability also saw a surge in their share prices today.

Delhivery, which is scheduled to report its Q1 FY24 results later today, ended today’s session 5.8% higher at INR 421, while PB Fintech ended up over 7% at 775.55. Shares of Nykaa also ended 2.5% higher at INR 147 on the BSE.  

Zomato shares were up as much as over 14% during its early trading hours today.

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