Paytm shares: For a third straight trading session, One 97 Communications Ltd. (Paytm) shares continued to rise in value. The stock surged 5% to reach Rs 376.45, its upper circuit limit. Three sessions have seen a 15.74 percent increase in the scrip.
Paytm shares, The Reserve Bank of India (RBI) gave Paytm Payments Bank more time to wind down operations, and the fintech company partnered with Axis Bank to continue offering some of its well-liked products. These developments contributed to the rise in Paytm’s share price.
The FAQs (frequently asked questions) published by the Reserve Bank provided some clarification regarding the availability of the Paytm QR, Card machine, and Soundbox services after March 15.
Following the RBI’s (Reserve Bank Of India) announcement of restrictions on Paytm Payments’ operations due to ongoing material supervisory concerns and persistent non-compliance, the Paytm counter experienced intense selling pressure.
‘Equalweight’ is the rating given by Morgan Stanley, with a target price of Rs 555 for the stock. The timeline for nodal accounts of Paytm and Paytm Payments Services with Paytm Payments Bank has not been altered. The foreign brokerage stated that nodal accounts must be closed by February 29 and that settlements can be finished by the middle of March.
An ‘Outperform’ call with a Rs 600 target was recommended by Bernstein on Paytm. As per the brokerage, it seems that the RBI’s measures are restricted to Paytm Payments Bank and are not meant to cause any disturbance to UPI payments or other Paytm functions. “We find this to be incrementally positive though still short on the finer details,” said the report.
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