Paytm Share Price: Paytm shares fell over 7 per cent in Thursday’s intraday trade
Paytm Share Price: Paytm shares fell over 7 per cent in Thursday’s intraday trade as nearly 2 cr shares (3.1 per cent equity) worth Rs 1,126 cr changed hands at an average Rs 540 per share. Buyers and sellers are unknown in this transaction.
The large deal in Paytm comes just after 0.5 percent of Nykaa’s equity had exchanged hands in a large trade earlier this morning.
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New age companies like Paytm, Nykaa, PB Fintech and others saw a slew of block deals over a two-month period across November and December as investors sold stake post the end of their respective lock-in periods.
The stock is down for the first time after a nine-day gaining streak. Till yesterday, in the year 2023, this stock has seeing good growth. During the first 8 trading sessions of 2023, a gain of about 7 per cent was seen in this stock.
What Should Investors Do?
Paytm is likely to report a 46 per cent year-on-year (YoY) rise in revenues at Rs 2,125.70 crore compared with Rs 1,456.10 crore in the year-ago quarter, said ICICI Securities in a report. This brokearge expects Ebitda loss for Paytm declining to Rs 488.10 crore.
Global brokerage firm JP Morgan had maintained its ‘overweight’ rating on Paytm with a target price of Rs 1,100, whereas Morgan Stanley remains ‘equalweight’ on the stock with a target price of Rs 695.
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Paytm Buyback
Paytm parent One97 Communications on Tuesday had said that the board has approved buyback of shares worth up to Rs 850 crore through the open market.
The shares will be bought back at a maximum price of Rs 810 apiece, it said in a release. The indicative maximum number of shares that will be bought back is 1,04,93,827 shares, representing about 1.62 per cent of the paid-up share capital of the company.
The company will utilise at least 50 per cent of the amount set aside for the buyback of shares. On December 9, the company had announced that the board will consider a share buyback.
