Brokerage Bernstein raised the price target (PT) of Paytm’s parent One97 Communications to INR 1,000 from INR 750 apiece, while also maintaining the rating of “Outperform”
Shares of the fintech major rallied more than 6% to INR 897.90 apiece on the BSE, which is close to its 52-week high of INR 918.75
The buying interest in the stock has surged after Paytm got the NPCI’s approval to onboard new customers for its UPI offering
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Shares of One97 Communications, the parent company of fintech major Paytm, continued its winning streak for the fifth consecutive trading session on Friday (November 22), jumping over 6% on the BSE.
The stock rallied to INR 897.90 on the BSE in early trading hours today, which is close to its 52-week high of INR 918.75.
Amid a surge in its share prices, the market capitalisation of the Paytm parent shot up to INR 57,020.65 Cr (around $6.75 Bn).
The rally in Paytm share prices came after global brokerage firm Bernstein reportedly reaffirmed its “outperform” rating on the stock. As per an ET report, the brokerage has raised its price target for the fintech giant to INR 1,000 from INR 750 apiece earlier.
This would imply an upside potential of more than 18% from the stock’s previous close.
The upswing in the stock’s price also comes on the back of Paytm’s strong Q2 FY25 show. The Vijay Shekhar Sharma-led company returned to the black in the September quarter of FY25, posting a consolidated net profit of INR 930 Cr. The company had reported a loss of INR 292 Cr in the same quarter last year.
However, its revenue from operations fell 34% year-on-year (YoY) to INR 1,1660 Cr in the reported quarter from INR 2,519 Cr a year ago.
The buying interest in the stock has also surged after the fintech giant got the National Payment Corporation of India’s (NPCI’s) approval to onboard new customers for its UPI offering.
It is pertinent to note that Paytm is among the few new-age tech stocks that are set to be added to the NSE’s futures and options (F/O) segment, effective November 29.
Recently, Paytm rolled out UPI International in select overseas markets, including UAE, Singapore, France, Mauritius, Bhutan and Nepal, among others. Indians travelling abroad can avail of the feature to make UPI payments using the Paytm app.
(The copy is updated at 12:42 PM with new additions on the share details)
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