As per Cogencis data, the number of shares traded was over 1.82 Lakh at INR 691 per share, as of 12:51 PM
Earlier this week, brokerage firm Emkay Global upgraded the stock to ‘add’ from its earlier rating of ‘reduce’
Paytm stock closed the day 2.66% higher at INR 705.25 on the BSE on September 26
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Shares of Vijay Shekhar Sharma-led One97 Communications closed above the INR 700 mark on the BSE on Thursday for the first time after nearly eight months.
As per the BSE data, Paytm stock closed the day 2.66% higher at INR 705.25 on Thursday (September 26). The company’s market capitalisation stood at INR 44,898 Cr at the end of the day’s close.
The jump came on the back of heavy trading volumes witnessed by the fintech on Thursday. Meanwhile, over 2.04 Cr shares traded hands in the Thursday trading session.
The stock surged as high as INR 724.85 during the intraday trade on the BSE. Notably, the Paytm stock has been on the recovery path.
Earlier this week, shares of Paytm jumped over 4% in early trading hours on September 24, after brokerage firm Emkay Global upgraded the stock to ‘add’ from its earlier rating of ‘reduce’.
The brokerage firm also raised its price target to INR 750 apiece from INR 375 earlier.
What has helped the fintech major is a slew of new offerings and cost-cutting measures to offset the impact of Reserve Bank of India’s (RBI) crackdown on its payments bank arm.
Earlier this month, at the 24th annual general meeting, the company’s founder and CEO said that he was fully committed to integrating artificial intelligence (AI) in its core payment business.
Besides, the company also recently announced plans to apply for a payment aggregator licence with RBI in “due course” to further step up its payments play. As a result, the stock has been witnessing upward movement and has been growing steadily.
However, problems continue to plague the startup as it continues to rake up heavy losses and be marred by stagnant revenues post the RBI crackdown.
Paytm saw its losses widen 134% year-on-year to INR 840.1 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25) from INR 358.4 Cr in the year ago-period. Revenue from operations declined 36% in Q1 FY25 to INR 1,502 Cr as against INR 2,342 Cr in the corresponding quarter last year.
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