Paytm said it disbursed 3.7 Mn loans worth INR 3,666 Cr in December, with loan disbursals rising 8.82% from November
After hitting upper circuit in all five sessions last week, shares of DroneAcharya zoomed 10% again on Monday to end the day INR 200.75
Most of the new-age tech stocks rose on Monday, in line with the recovery seen in the broader market after last week’s decline
Shares of fintech giant Paytm rose 2.3% to INR 563.65 on the BSE on Monday (January 9) after the company reported its operating performance in December. This was the seventh consecutive session of rise in the stock.
In its Q3 business update, Paytm said it disbursed 3.7 Mn loans worth INR 3,666 Cr in December, recording its best-ever month in terms of both metrics. On a month-on-month basis, Paytm’s loan disbursal grew 8.82% from 3.4 Mn in November last year.
On a year-on-year basis, loan disbursals rose 2.37X in Q3 FY23 to 10.5 Mn.
After more than a month of a significant slump, Paytm shares have been on an upward momentum from the end of December.
While Paytm has started rallying again, shares of its peers Nykaa and Zomato are still witnessing a range-bound movement. After falling 1% last week, Nykaa shares closed Monday’s session marginally lower at INR 153.
On the other hand, after a 6.8% decline last week, shares of Zomato gained a bit today, ending Monday’s session over 1% higher at INR 56 on the BSE.
Meanwhile, shares of recently-listed drone startup DroneAcharya continued their surge in yet another session. On Monday, its shares once again hit the upper circuit of 10% to end the session at INR 200.75.
Last week, the stock had gained 33.6%, hitting its upper circuit in all five sessions. Currently, DroneAcharya shares are trading 96% above their listing price of INR 102.
Most of the other new-age tech stocks also witnessed a northbound journey on Monday in line with the overall recovery in the Indian stock market after last week’s decline.
Benchmark indices Nifty50 and Sensex rose 1.35% and 1.41%, respectively, on Monday. While Nifty50 ended the session at 18,101.2, Sensex closed at 60,747.31.
“Positive undercurrent in global markets had a rub-off effect on local equities as investors resorted to short-covering after last week’s correction helping key benchmark indices recapture their psychological levels,” said Shrikant Chouhan, head of equity research (retail) at Kotak Securities.
“With China steadily lifting Covid restrictions, there are hopes that demand may pick up going ahead, which could give breathing space for the markets already battling recession fears, higher interest rate regime, and benign inflation levels,” he added.
