highlights
Paytm shares are up 61 percent over the past 6 months.
The stock is now up 94 percent from its record low.
The broker has raised the stock’s price target to Rs885.
New Delhi. Shares of One97 Communications, Paytm’s parent company, continued to rally on Wednesday (June 14). The company’s stock hit a one-year high of 864.40 rupees during the day. Later on the NSE, the stock closed at 850 rupees (Paytm stock price today) up 2 percent. On a monthly basis, Paytm stock has remained consistently in the green since December 2022. In the last 6 trading days, the company’s shares have recorded a strong increase of 20 percent. Paytm’s financial performance in March 2023 was better than expected. For this reason, the broker is positive about Paytm in the long term.
Paytm stock has today surpassed its previous high of 844.40 rupees which was reached on 8th August 2022. The all-time high of this fintech stock is 1961 rupees. This level was reached by this stock on November 18, 2021. While its record low is at 439.60 rupees. The stock is now up 94 percent from its record low. Following the recent rally, the company’s market cap has also increased to 54,314.30 crore. Over the past 6 months, Paytm shares are up 61 percent.
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The broker issued a buy recommendation
money control According to a report, brokerage firm BofA Securities has upgraded this stock’s rating to a ‘buy’ given the company’s strong position in the payments industry. At the same time, the broker has also raised the target price to Rs.885 per share. BofA Securities said in a statement that the company is now in a good position to improve its position in the market. Paytm has had an excellent start to the current year. Business performance has improved and the company’s consumer engagement continues to grow. This is good news for the company’s financial health.
In the first week of June brokerage firm Motilal Oswal gave Paytm a buy rating and set its price target at 900 rupees. Similarly, global brokerage firm CLSA said earlier this month that Paytm’s lending business is growing tremendously. For the past eight quarters, the payout has increased from the quarterly run rate payout level of Rs. 12,000. The broker had advised the purchase price of 850 rupees. Paytm stock achieved that goal today.
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FIRST RELEASED : June 14, 2023 at 9:32 PM IST
