Paytm zooms over 6% as street bullish on fintech - Citi estimates Rs 600 per share gains
Paytm share price NSE: Brokerage firm Citi is bullish on Paytm and has given a 'buy' call.
Paytm share price NSE: Paytm share price surged over 6 percent intraday on Friday as global brokerage Citi sharply raised the target on the fintech stock. Stock of One 97 Communications Ltd, NSE: PAYTM opened at Rs 454 on NSE, up 3 per cent from the previous day close of Rs 441.10.
At 9:43 AM, the stock quoted Rs 470.70.
Brokerage firm Citi is bullish on Paytm and has given a 'buy' call with a target price of Rs 1055.
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Zee Business panelist, Sacchitanand Uttekar said that the support zone the stock witnessed in April swings has been challenged.
"An oversold trajectory has been hit; a pullback is possible in 530-580 range. On the higher side at 650 levels major hurdle or gap resistance is established, he added.
If pullback is seen, he estimated a short-term target of 550 levels.
So far this year, Paytm stock has corrected 67 per cent. To put into perspective, Paytm share price quoted at Rs 1339.80 apiece on January 3 is now trading at current price levels of Rs 458 . One 97 Communications has a market cap of Rs 29,958 crore.
Meanwhile, frontline indices BSE Sensex and NSE Nifty50, traded at 62,269.62 and 18,488.15, respectively.
The stock of One 97 Communications, which is the parent company of Paytm, was listed on November 18, 2021 and has slumped over 75 per cent. This is the biggest decline in a decade among large IPOs worldwide after Spain's Bankia IPO.
Paytm Q2 results
Paytm posted better than expected performance in Q2. The company recently announced Q2FY23 results wherein it posted a 76 per cent year-on-year growth in revenue to Rs 1,914 crore.
Meanwhile, the company’s losses were reduced by 11 per cent on a sequential basis. The company’s contribution profit surged 224 per cent y-o-y to Rs 843 crore.
(with inputs from Nupur Jainkunia)
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