Shares of Paytm (One97 Communications) were up by 5 percent today. The stock has strengthened 45 percent from its low levels of Rs 510.
Paytm Stock Price: The shares of digital payment platform Paytm (One97 Communications) were up about 5 percent today and the stock has strengthened up to Rs 739 in intraday. The stock has remained bullish for the last few days. It is at a high of about 3 months. The stock has strengthened 45 percent from its low levels of Rs 510. The rally in the stock of Paytm is a matter of relief for the investors who have invested money in its IPO. This proved to be a wealth destroyer for investors before the rally started from record lows.
There was a significant drop from the IPO price
Paytm’s IPO came on November 18 last year. The issue price of Paytm was Rs 2150, while it is currently trading at Rs 739. The price of Rs 510 for the stock is a record low, which was made on 12 May 2022. That is, the stock is now showing an upside movement after weakening by 76 percent from its issue price. In this, there has been an increase of 45 percent from the record low. However, it is still at a discount of 65 per cent from the issue price.
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Strong figures of loan business
Digital payment platform Paytm’s loan business figures have been strong. Good growth is being seen in the lending business of aytm. Under Paytm’s loan business, the loan amount disbursed in Q1FY23 has increased almost 9 times or 779 percent to Rs 5554 crore. This figure was Rs 632 crore in the same quarter a year ago. Transactions grew by about 492 per cent to 84.78 lakh in the June quarter as against Rs 14.33 lakh in the same quarter a year ago. The annual rate of loan disbursal has crossed the Rs 24,000 crore mark. There has been an increase in the average ticket size. The company says that such rapid growth in the lending product brings us to an attractive profit pool.
