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Large trade in Paytm shares: Rs 328-crore equity stake changes hands; stock jumps 3%

Paytm share price jumped, and was ruling nearly 4 percent higher than the previous close, following a large trade involving sale at Rs 701 per share.

September 26, 2024 / 15:11 IST
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Paytm: One 97 Communications stock saw a large trade on 26 September.

Shares of One 97 Communications Ltd, the parent company of Paytm, surged over 4 percent today after a significant block trade saw 0.8 percent equity stake in the company change hands for Rs 327.8 crore.

About 47.2 lakh Paytm shares were sold at an average price of Rs 701 per share, reported CNBC TV18. Following the trade, Paytm stock rose to Rs 713.2 on the NSE, up from its previous close of Rs 690, pushing the company's market capitalisation to Rs 45,400 crore.

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Paytm share price momentum driven by upgraded outlook, regulatory relief

Amid the stock's upward momentum, Emkay Global Financial Services upgraded Paytm rating to 'Add' from 'Reduce' this week. The brokerage firm also raised the target price to Rs 750 from Rs 375, citing easing regulatory challenges and Paytm's ongoing efforts to optimise operating expenses. The new target price implies an upside of a further 7 percent now.