Mumbai/IBNS-CMEDIA: Shares of One97 Communications Ltd., the parent company of Paytm, extended their gains on Tuesday, rising 3.52% on the NSE, media reports said.
The stock climbed as high as ₹1,639.90 on the NSE during the session.
Bernstein raises Paytm target price
The rally came after brokerage Bernstein retained its bullish view on Paytm and raised its target price significantly.
Bernstein maintained its “Outperform” rating on the stock but increased the target price to ₹2,200 from ₹1,500.
The revised target is particularly significant as it is now above Paytm’s ₹2,150 IPO price, marking a notable shift in investor sentiment toward the company.
Paytm turnaround gains investor attention
Paytm has moved from a period marked by regulatory challenges and losses towards sustained profitability and revenue growth, strengthening the investment case for the company.
The improvement in its financial performance, easing regulatory concerns and growing confidence among analysts have contributed to the recent recovery in the stock.
The latest Bernstein upgrade has further boosted sentiment around Paytm, with investors now focusing on the company’s ability to sustain its profitability and strengthen monetisation across its payments and financial services businesses.
