New Delhi. There was a sharp rise in the shares of Paytm’s parent company One 97 Communications on Tuesday. The company’s shares rose as much as 18.47% to reach an intraday high of Rs 771.95, and finally closed at Rs 753.60, up 15.65%. This year, this share has registered a rise of 143.10% from the one-year low of Rs 310 in May 2024. However, it is still down 24.51% from its 52-week high of Rs 998.30 (August 2023).
The main reason behind this recent surge is the announcement of Paytm Money, in which the company has started BSE Futures and Options (F&O) trading service on its platform. This service will be available at the rate of Rs 20 per trade, which can attract more and more retail investors.
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Where will the stock go next?
Market analysts believe that Paytm shares may see a rise in future also. According to experts, the short term target of the stock can go up to Rs 900, while it can get support if it falls to Rs 664 and Rs 650. Market expert Raghavendra Singh said, “The stock has shown a strong breakout above Rs 700. Investors can hold it with a target of Rs 850 to 900. “If the momentum continues, the stock may cross Rs 1,000 in the next three months.”
Senior technical analyst Amey Ranadive said, “The stock is currently trading at Rs 750, which shows its strength. If this momentum continues, the share can go up to Rs 860. However, the support level of Rs 650 is important.” Apart from this, SEBI registered analyst A.R. Ramachandran, said, “If the stock closes above the resistance of Rs 756, it may see a rise to Rs 860 in the short term.”
Paytm has recently sold its entertainment ticketing business to Zomato for Rs 2,048 crore, which has strengthened the financial position of the company. However, some challenges remain due to the restrictions imposed by RBI on Paytm Payments Bank.
Tags: business news, Paytm
FIRST PUBLISHED: October 8, 2024, 18:59 IST