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Paytm Shares Soar 10% in Intraday Trade as Founder Eyes Global Recognition

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4 months ago

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One 97 Communications Ltd, the parent company of Paytm, witnessed a significant surge of almost 10% during intraday trading on the Bombay Stock Exchange (BSE) today. The stock opened at ₹437.55, marking a strong uptrend from its previous close of ₹436.60, and peaked at ₹479.70 amidst a somewhat subdued market.

Founder of Paytm, Vijay Shekhar Sharma, expressed his aspiration to elevate the firm to global prominence and transform it into a formidable $100 billion entity. His remarks came at the 7th JITO Incubation and Innovation Fund (JIIF) Foundation Day event where he candidly acknowledged past shortcomings and emphasized the lessons learned along the way.

Earlier this year, the Reserve Bank of India (RBI) imposed restrictions on Paytm Payments Bank due to compliance issues and supervisory concerns, leading to a temporary setback. However, the recent positive momentum in Paytm’s stock price reflects a renewed investor confidence in the company’s growth trajectory.

StoxBox, a brokerage firm, highlighted that Paytm’s stock is showing signs of a potential reversal, making it an attractive buy at current levels. The company’s strategic initiatives, coupled with a focus on operational efficiency, have positioned it well for future profitability and sustainable growth.

Technical experts from Anand Rathi Share and Stock Brokers and Choice Broking underscored the bullish indicators in Paytm’s stock chart, indicating a possible trend reversal from a downtrend to an uptrend. The positive momentum in the stock price is supported by key technical patterns and trading volumes, signaling a shift in sentiment among market participants.

Despite the challenging market conditions, Paytm’s stock has managed to outperform the broader indices, showcasing resilience and potential for further upside. The company’s commitment to enhancing its operational metrics and achieving breakeven in EBITDA by FY25 has garnered investor interest and confidence in its long-term prospects.

Rachel Adams

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