Shares of One97 Communications, which operates the financial services platform Paytm, gained nearly 4 per cent on Monday after shareholders of the company approved the re-appointment of Vijay Shekhar Sharma as managing director and chief executive officer of the company. The resolution to reappoint Vijay Shekhar Sharma as Paytm’s chief executive officer and managing director was backed by 99.67 per cent of shareholders who voted at the company’s annual general meeting, said One 97 Communications Ltd, the fintech’s parent firm, on August 21.
Paytm stock rose 3.65 per cent to Rs 800.05 today against the previous close of Rs 771.85 on BSE. Shares of Paytm were trading higher than 20 day, 50 day and 100 day moving averages but lower than 5 day and 200 day moving averages. However, the stock has lost 41.2 per cent in 2022 but risen 5.64 per cent in a month.
Market cap of Paytm rose to Rs 50,904 crore on BSE. Total 1.05 lakh shares of the firm changed hands amounting to a turnover of Rs 8.33 crore.
The stock hit a 52-week high of Rs 1,961.05 on November 18, 2021 and a 52-week low of Rs 511 on May 12, 2022.
Paytm is India’s payment super app offering consumers and merchants comprehensive payment services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.
One97 Communications’ consolidated loss widened to Rs 644.40 crore in Q1 June 2022 from a net loss of Rs 380.20 crore a year ago. Revenue surged 89 per cent to Rs 1,680 crore in Q1 June 2022 over Q1 June 2021.
Brokerage house ICICI Securities is bullish on the stock and in a recent report has given investment advice with a target of Rs 1,285. In terms of the current price, it can give about 60 per cent return.
Talking about the global brokerage house, Macquarie has given a target of Rs 450, retaining the opinion of the underperformer on Paytm in a recent report. While Morgan Stanley has given a target of Rs 785 giving an equal weight rating.
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With inputs from News18
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