Paytm Shares Jump 3% Following Emkay Upgrade to ‘Add’

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Damini Sharma

North News

Chandigarh, September 24

Shares of Paytm, operated by One97 Communications, experienced significant demand on Tuesday, rallying by up to 3.30% to reach an intraday high of Rs 673.05. This surge was driven by a notable upgrade from domestic brokerage Emkay, which raised its rating from ‘Reduce’ to ‘Add.’ The brokerage also increased its target price for Paytm, doubling it to Rs 750 per share from the previous Rs 375, according to Delhi based news outlet Business Standard.

Emkay analysts highlighted that an easing regulatory stance would facilitate approvals from the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) for onboarding new users and online merchants, potentially driving a business turnaround. Additionally, they noted that Paytm’s cost optimization measures could position the company on an early path to profitability, news outlet further said.