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Paytm stock gains for 4th consecutive day: Is the worst over?

Paytm share price: This comes after the National Payments Corporation of India (NPCI) granted approval for Paytm to operate within Unified Payments Interface.

Updated on: Mar 20, 2024 11:09 AM IST
By HT News Desk
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Paytm share price: Shares of One97 Communications, Paytm's parent company , extended gains for the fourth consecutive session as the stock soared over 4% intra-day basis today (March 20) hitting day high of ₹425.70 on the NSE. This comes after the National Payments Corporation of India (NPCI) granted approval for Paytm to operate within the Unified Payments Interface (UPI) framework as a third-party application provider (TPAP) under the multi-bank model.

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Analysts on Paytm stock

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

Global brokerage firm Morgan Stanley reaffirmed its ‘Equal-Weight’ rating on the stock and maintained a price target of ₹555 per share while domestic broking firm YES Securities upgraded its outlook on Paytm for the first time since initiating coverage. Yes Securities upgraded payments company stock to “buy” from “neutral” and raised the target price to ₹505 from ₹350 saying that NPCI’s approval for Paytm to participate in UPI as a TPAP within the multi-bank model will help sustain its UPI business operations.

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What NPCI said in its approval to Paytm

The banks will help electronic transactions between various parties using the Paytm app for payments and the move comes after the Reserve Bank of India (RBI) directed Paytm to close its Paytm Payments Bank (PPBL) due to compliance concerns.

 
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HT News Desk

Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.

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