In the past week, Paytm’s share price has risen by more than 13%, and in the last month, it has gone up by over 30%. Over the last three months, Paytm’s stock has jumped by more than 74%.
Paytm shares saw a strong rise of over 9% in early trading on Tuesday, hitting Rs 687.40 per share on the Bombay Stock Exchange (BSE).
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This marked the second day in a row that the stock gained momentum.
While the exact reason for the sharp increase is unclear, but many believe it could be due to the GST Council’s decision not to impose any new GST rules on UPI transactions under Rs 2,000.
It may be noted shares of One 97 Communications, Paytm’s parent company, have been climbing steadily. In the past week, Paytm’s share price has risen by more than 13%, and in the last month, it has gone up by over 30%. Over the last three months, Paytm’s stock has jumped by more than 74%.
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Paytm’s share price is now almost 120% higher than its 52-week low of Rs 310, reached on May 9, 2024.
On August 28, Paytm announced that it received approval from the Ministry of Finance to invest in its payment services business.
With this approval, Paytm Payments Services Ltd (PPSL) will move forward in resubmitting its payment aggregator application. Meanwhile, PPSL will continue providing online payment services to its existing partners.
What’s next for Paytm shares?
Analysts say that Paytm shares are still looking strong. However, they caution that the stock might face resistance in the Rs 710 to Rs 730 range.
If it breaks through this level, the share price could reach Rs 800.
Ganesh Dongre, Senior Manager at Anand Rathi told livemint.com that investors with a medium-term outlook could hold onto the stock, aiming for the Rs 800 target.
He advised maintaining a stop-loss below the previous day’s close and buying on dips if the stock drops significantly.
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As of 11:23 am, Paytm shares were trading 6.05% higher at Rs 665.65 on the BSE.
