Paytm share price jumps 5% after hitting upper circuits for 2 days in a row; can it rise more? Here's what experts say
BSE, in intraday trade on Wednesday, March 20. This gain followed its recent trend of hitting the upper circuit in the preceding two consecutive sessions. Paytm share price opened at ₹415.60 against its previous close of ₹405.85 and rose 4.93 per cent to hit its intraday high of ₹425.85.
Around 12:15 pm, the stock traded nearly 3.45 per cent up at ₹419.85, indicating a potential continuation of its upward trend for the fourth consecutive session. Paytm share price hit its 52-week low of ₹318.35 on February 16, 2024, after the RBI's action against Paytm Payments Bank (PPBL). At the current market price of ₹420, the stock is up 32 per cent from its 52-week low.
Also Read: Paytm issues FAQs: What will work after March 15? Here's what users must know The Reserve Bank of India (RBI) had directed PPBL to wind down services from March 15 after it was subjected to regulatory scrutiny due to non-compliance with KYC norms and other mandated processes. However, on March 14, just a day ahead of the closure of PPBL, the National Payments Council of India (NPCI) granted Paytm a Third-Party Application Provider (TPAP) licence. Also Read: Paytm gets a third-party license from NPCI.
What does this mean for you? This offered a big relief to One 97 Communications, the parent company of Paytm, as its shares hit a 5 per cent upper circuit the following day. Meanwhile, brokerage firm YES Securities upgraded Paytm stock to a ‘buy’ from a ‘neutral’ and raised its target price to ₹505 per share from ₹350 earlier. YES Securities underscored that Paytm’s declining dependence on the wallet business for revenue, the NPCI licence for a Third-Party Application Provider (TPAP), well-contained client loss due to reputational damage, rising partner
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