Paytm stock jumps ~3% as shares worth ₹328 Crore change hands

26 Sep 2024 , 03:12 PM

Shares of One 97 Communications Ltd, the parent company of Paytm, rose more than 4% today following a huge block sale in which a 0.8% equity share in the firm changed hands for ₹327.8 Crore.

Reports stated that around 47.2 lakh Paytm shares were sold for an average price of ₹701 per share. Following the trade, Paytm stock increased to ₹713.2 on the NSE, up from ₹690 at the previous closing, bringing the company’s market value to ₹45,400 Crore.

Emkay Global Financial Services revised Paytm’s rating to ‘Add’ from ‘Reduce’ this week, citing the stock’s increasing trend. The broking business also boosted the target price from ₹375 to ₹750, noting reduced regulatory hurdles and Paytm’s continued efforts to cut operating costs. The higher target price indicates an additional 7 percent upside.

At around 2.41 PM, Paytm was trading 2.84% higher at ₹707, against the previous close of ₹690 on NSE. The counter touched an intraday high and low of ₹724.80, and ₹678.25, respectively.

In September 2024, Paytm’s stock recovered pace, hitting the ₹700 mark for the first time since January 2024, when the Reserve Bank of India’s severe limits on Paytm Payments Bank pushed the share price.

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