Paytm Shares Continue Winning Streak; EaseMyTrip Rises Over 7%

Shares of One 97 Communications, the parent company of Paytm, continued their winning streak on Monday (July 18), ending the session 3.2% higher at INR 731.30 on the BSE. 

The shares of the fintech startup have been on an upward trend since last week after it reported a 492% year-on-year (YoY) growth in total loan disbursements to 8.5 Mn during the quarter ending June 2022. 

Paytm’s announcement of extending the deadline for its direct mutual fund users to update their KYC and open demat account further drove the shares higher, touching a four-month-high at over INR 738, last week.

On Monday, the shares reached an intraday high of INR 734.90, before giving up some of the gains.

Paytm shares have lost a significant value since its stock market debut in November last year. Since the debut, the shares are down over 62% as of its last close. The startup’s market capitalisation stood at INR 47,449 Cr on Monday.

Paytm’s listing on the bourses was quite unsatisfactory as the much-awaited high-voltage debut saw the shares listing at a discount of around 10% on the issue price at INR 1,950 and INR 1,955 on the NSE and the BSE, respectively. Its issue price was INR 2,150.

In May, Paytm shares hit their lowest at INR 515.65, just a few days before the startup released its results for financial year 2021-22 (FY22).

Paytm’s net loss increased 41% year-on-year to INR 2,396.4 Cr in FY22, while its revenue from operations grew 77% to INR 4,974.2 Cr.

Meanwhile, shares of traveltech startup EaseMyTrip’s parent entity, Easy Trip Planners, surged 7.2% to INR 403.55 on the BSE on Monday, touching its highest price since May 26.

Some of the other new-age tech stocks like Zomato, Nykaa, PB Fintech continued their fall on Monday.

Overall, the Indian market looked brighter as benchmark indices NSE Nifty50 and BSE Sensex ended 1.43% and 1.41% higher at 16,278.50 and 54,521.15, respectively.