Paytm shares hit upper circuit for second straight session: What brokerages said

Paytm share price today: The stock fell to a 52-week low of ₹310 on May 9 and hit a 52 week high of ₹998.30 on October 20.

Updated on: May 30, 2024, 12:00:29 IST

By HT News Desk | Edited by Mallika Soni

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Paytm share price today: Shares of Paytm hit upper circuit of 5% for the second straight session today (May 30). The stock gained 4.99% to reach ₹401.55 on BSE after hitting upper circuit of 5% on May 29. The stock rose after it was reported that Adani Group chairman Gautam Adani was considering buying a stake in Paytm's parent company One97 Communications. However, Paytm issued a clarification stating that the report was a speculation and said, "The Company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015."

Paytm share price: A QR code for the Paytm digital payment system at a store in Mumbai, India. (Bloomberg)

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Today, Paytm stock rose 5% to ₹377.50 on BSE and its market capitalisation climbed to ₹24,001 crore. The stock fell to a 52-week low of ₹310 on May 9 and hit a 52 week high of ₹998.30 on October 20.

Dolat Capital said that the stock could reach ₹650- an upside of over 70% in a year. It said, “Paytm’s renewed focus on business growth & cost efficiency signals the right direction to revival. We have cut our FY25/FY26E revenue estimates by 8%/7% and expect profitability goals to further defer. However, we believe current market price does not factor a potential sharper recovery Q2 onwards and thus we maintain ‘Buy’ rating with Discounted cash flow (DCF) based price target of ₹650 (implies 2.4x on FY26E EV/Sales).”

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YES Securities revised its price target to ₹450 on the stock and said, “After being under pressure, merchant payments business has started to grow in April and May. On the other hand, monthly transacting users, which drive consumer payments business, are down 25 per cent compared with January. April was the worst month for MTUs but this has stabilised in May. MTU growth will happen once the TPAP commencement happens."

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