On Friday, the shares of One 97 Communications Ltd, Paytm’s parent company touched 52-week high of Rs 990.90 and closed at Rs 975.80, over 2 percent up from the previous trading day session.
The surge in share price came after it was reported that the domestic fintech player may sell a “stake in Japan’s PayPay to SoftBank for $250 million.” The BSE and NSE have sought clarification from Paytm over the same report.
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In a BSE filing, the company clarified, “we wish to clarify that we have been informed by One97 Communications Singapore Private Limited, a wholly owned subsidiary of the Company (‘Paytm Singapore’) at 12:49 p.m. (IST), that its Board of Directors at its meeting held today i.e., December 6, 2024, approved sale of Stock Acquisition Rights (SARs) in PayPay Corporation, Japan. The transaction is subject to the satisfactory completion of all corporate approvals, execution of transaction documents and customary closing conditions.”
The company’s filing further mentioned, “We shall submit the necessary disclosure as per the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, within stipulated time.”
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According to the BSE analytics, the shares of One 97 Communications Ltd have delivered massive returns of 181.58 per cent in the last 6 months and 19.98 per cent in the last 1 year.
Fintech firm One97 Communications, which operates Paytm, reported a consolidated profit after tax (PAT) of Rs 928.3 crore for the quarter ending September 2024. This marks a significant turnaround from a loss of Rs 290.5 crore in the same period last year.
The profit surge was primarily driven by a one-time exceptional gain of Rs 1,345 crore from the sale of its entertainment ticketing business to Zomato earlier this year.
However, Paytm’s revenue declined 34% year-on-year to Rs 1,660 crore, compared to Rs 2,519 crore in the corresponding quarter of the previous fiscal year.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
