Paytm Share Rises 3% on Bulk Deal
Shares of One97 Communications Ltd (OCL) surged nearly 3 percent today as a block deal saw 8.75 lakh shares or 0.13 percent equity worth Rs 56.78 crore change hands. OCL is the parent company of Paytm, the popular mobile payments and financial services provider.
The shares were traded at an average price of Rs 648.45 apiece, driving OCL’s stock up 2.6 percent to Rs 645.60 per piece as of 2.25 pm on the BSE. The stock had hit an intraday high of Rs 655.90 earlier in the day.
Last month, OCL reported a consolidated net loss of Rs 392 crore in the third quarter ended December 2022. However, the company saw a surge in its revenue from operations, which jumped about 42 percent to Rs 2,062.2 crore during the same quarter from Rs 1,456.1 crore in the previous year.
OCL’s stock price has risen by 21 percent in the past year and has given returns of close to 21 percent in the last three months. The stock has rebounded significantly after hitting a 52-week low of Rs 439 in November 2022.
Despite the positive news, OCL’s EBITDA for the quarter ended December 2022 remained negative, standing at Rs 278.00 crore, up 60.96 percent from Rs 712.10 crore in December 2021.
The Digital Revolution in India was initiated by Paytm, which has now emerged as the leading payments app in the country. Over 20 million merchants and businesses rely on Paytm to accept digital payments, as more than 300 million Indians prefer using Paytm to pay at their preferred stores.
For More Latest News Click Here