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Paytm shares soar 8 percent on heavy buying; up 80% in six months

Paytm shares surged over 8 percent, driven by high trading volumes and no announcement of GST levy on UPI transactions below Rs 2,000.

September 10, 2024 / 11:05 IST
Paytm stock hit a 52-week low of Rs 310 in May. Since then, it has more than doubled. In just the past month, Paytm shares have gained nearly 30 percent

Paytm shares surged over 8 percent on September 10 amid heavy volumes. A total of 2 crore shares of the company changed hands on BSE and NSE combined so far, compared to the one-month average trading volume of 1 crore shares.

The surge could also be attributed to the GST Council not making any announcements in regards to GST on UPI transactions below Rs 2,000.

The Vijay Shekhar Sharma-led fintech recently informed that it has received approval from the Ministry of Finance to invest in its payment services business.

With this approval in place, Paytm Payments Services Ltd (PPSL) will proceed to resubmit its payment aggregator application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners, Paytm said in a regulatory filing.

At 10:52 am Paytm shares were trading over 6 percent higher at Rs 667.50 on the National Stock Exchange (NSE). After today's sharp rise, the stock has turned positive on a year-to-date basis. In the past 12 months, the stock has fallen 26 percent, compared to a 28 percent rise in Nifty during this period.

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Earlier this year, Paytm stock took a heavy beating after the Reserve Bank of India (RBI) in February barred Paytm Payments Bank (PPBL) from accepting new deposits and ruled out any review of its action against the company.

PPBL is an associate of Paytm parent One97 Communications Limited. The action against PPBL followed a comprehensive system audit report and subsequent compliance validation report of external auditors.

The stock hit a 52-week low of Rs 310 in May. Since then, it has more than doubled. In just the past month, Paytm shares have gained nearly 30 percent, beating Nifty's returns of around 2 percent.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Moneycontrol News
first published: Sep 10, 2024 11:05 am

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