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Wednesday, February 28, 2024
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Paytm Stock Surges Post-August Business Updates, Up 100% from 52-Week Low – Is It a Buy?

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Paytm’s stock witnessed a 2% intraday rise on BSE, poised for a second consecutive session of gains, following the company’s encouraging August business updates. One97 Communications Ltd, the parent company of Paytm, reported a 20% YoY increase in average monthly transacting users, reaching 94 million for July-August compared to 79 million last year. Additionally, Paytm disbursed loans worth ₹5,517 crore ($667 million) through its lending platform in August.

The company’s merchant payment volumes (GMV) soared by 43% YoY to ₹3 trillion ($36.3 billion) for July-August 2023, up from ₹2.1 trillion in the same period in 2022. Paytm’s GMV for non-UPI instruments like EMI and cards also witnessed growth, as stated by the company.

Over the last six months, Paytm’s stock has shown significant strength, vastly outperforming the Sensex by gaining approximately 44%, compared to the Sensex’s nearly 9% increase. On August 25, 2023, the stock reached its 52-week high at ₹939, a remarkable climb from its 52-week low of ₹439.60 recorded on November 24 last year, marking a 100% increase.

Experts are optimistic that the stock still has further upward potential.

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