One 97 Communications Ltd (NSE: PAYTM) Share Price: In the wake of the record-breaking rise in the stock market investors also lost the share of One97 Communications Limited, the parent company behind the fintech brand Paytm.
On Friday, the final trading share of Paytm rose by 12 percent to surpass the mark of Rs 600 at the beginning of the span of seven months.
It’s the 2nd consecutive day of growth for the share.
There Was A Jump In The Stock On Thursday As Well
Share of fintech company Paytm closed at a higher level of 3 percent on Wednesday.
The company then received approval from the government to invest in its fully-owned affiliate Paytm Payments Services Limited (PPCL).
The information provided by the market to Wednesday’s stock exchange mentioned that the company would again seek the payment Aggregator (PA) license.
The Price Doubled In 4 Months
At the beginning of February, Paytm’s market share was higher than 600 rupees. After the RBI decided against Paytm Payments Bank, it had a lower market share of 20 percent.
Following this, the selling started and eventually dropped to a minimum of Rs 310. On May 9th, 2024 the share of Paytm surpassed this mark.
It was the lowest price of the stock to date. In comparison to the price currently in place, it has increased by a double of 50 percent within only four months.
Despite this, however, the price is 70 percent lower than its IPO price of Rs 2,150.
What Do Experts Say?
The CEO of the brokerage company in India Anand Rathi said that from a technical standpoint, it is clear that the Relative Strength Index (RSI) on the daily chart was always in the 50.
This suggests that the trend that is currently in place will persist. The resistance is anticipated for the stock at the Rs 650 to Rs 675 range.
Quick Fact
| Company name | Paytm |
|---|---|
| Parent Company | One97 Communications |
| Market Share Growth | 12.70% |
| Time | 7 months |
| Share Increase (Friday) | 12.70% |
| Share Increase (Thursday) | 3% |
| Affiliate | Paytm Payments Services |
| Event | Approval to invest in PPCL |
| License | Payment Aggregator (PA) |
| Price (Feb 2024) | ₹600+ |
| Market Share Drop | 20% |
| Lowest Price | ₹310 |
| Date | May 9th, 2024 |
| Increase in 4 Months | Double |
| Current Price Difference | 50% higher than lowest price |
| IPO Price | ₹2150 |
| Price Drop from IPO | 70% lower |
| Expert Opinion | Trend to continue |
| RSI Level | 50 |
| Expected Resistance | ₹650 to ₹675 |
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