Shares of One 97 Communications, Paytm‘s mum or dad, soared 18.47 per cent on Tuesday to hit an intraday excessive of Rs 771.95. The inventory ultimately settled 15.65 per cent up at Rs 753.60. At this worth, it has delivered multibagger returns by rallying 143.10 per cent from its one-year low worth of Rs 310, a stage seen on Might 9, 2024. Regardless of the talked about spike, the scrip was down 24.51 per cent in comparison with its 52-week excessive of Rs 998.30, hit on August 20 final 12 months.
Paytm Cash, a wholly-owned subsidiary of One 97 Communications (which owns Paytm), immediately introduced that it has launched a BSE futures and choices (BSE F&O) buying and selling service on its platform. “With buying and selling prices saved at an inexpensive Rs 20 per commerce order, together with relevant taxes, the platform stays one of the vital cost-effective selections for retail traders in India,” it acknowledged.
Technically, analysts remained ‘bullish’ on the counter, suggesting a possible upside goal of as much as Rs 900 within the brief time period. With that being mentioned, help might be seen at Rs 664, adopted by Rs 650 stage.
“The inventory has given a robust breakout above Rs 700. One can maintain it for upside targets of Rs 850-900 within the close to time period. Additional, the counter has potential to hit Rs 1,000-plus ranges within the subsequent three months,” market knowledgeable Raghvendra Singh instructed Enterprise At the moment TV.
“Paytm is at the moment buying and selling at Rs 750, demonstrating appreciable energy. The inventory is well-positioned for a possible rally within the close to time period, with an upside goal of Rs 860 if the momentum continues. On the draw back, it has a crucial help stage close to Rs 650. A breach under this stage might set off a possible decline. Subsequently, whereas the inventory is poised for additional positive factors, it’s important for it to take care of key help zones to maintain the present bullish trajectory. Paytm seems primed for a robust upward transfer within the coming periods, however staying above the essential help ranges can be very important for sustaining the constructive momentum,” mentioned Ameya Ranadive CMT CFTe, Sr Technical Analyst at StoxBox.
“Paytm inventory worth is bullish on every day charts with sturdy help at Rs 664. A every day shut above resistance of Rs 756 might result in an upside goal of Rs 860 within the close to time period,” mentioned Sebi-registered analysis analyst AR Ramachandran.
The digital funds firm offered its leisure ticketing enterprise to on-line meals aggregator Zomato for Rs 2,048 crore in August this 12 months.
The fintech agency has been beneath super strain since Reserve Financial institution of India (RBI) introduced restrictions on Paytm Funds Financial institution’s operations final 12 months amid persistent non-compliance and continued materials supervisory considerations.
With that being mentioned, Paytm founder and CEO Vijay Shekhar Sharma has reaffirmed the corporate’s dedication to reapplying for a cost aggregator (PA) licence from the Reserve Financial institution. “We are going to apply for the cost aggregator licence to the RBI in the end,” Sharma mentioned. This occurred when Paytm Funds Providers Ltd (PPSL), a subsidiary of Paytm, secured approval from the Centre to speculate additional in its cost companies enterprise.
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