Shares of Paytm’s parent company One 97 Communications saw a good run on Thursday. Shares of Paytm closed at Rs 574.35 with a gain of 9.53 per cent on the Bombay Stock Exchange on Thursday. Paytm shares touched a high of Rs 594.95 during the day’s trading. The company’s shares had reached their all-time low of Rs 520 on Wednesday. The market cap of the company has also come down to Rs 37,245 crore.
Brokerage house said, the stock may rise 200%
In a report by the Economic Times, Dolat Capital has said that the shares of One 97 Communications (Paytm’s parent company) may rise by 200%. Rahul Jain of Daulat Capital said in a note to ET report, “We believe Paytm will emerge as the best internet company in the Indian market. We have maintained buy rating on Paytm stock. A DCF based target price of Rs 1,620 has been given for the stock.
Also read- Bank Strike: Banks will be closed for four consecutive days from Saturday! Get your urgent work done quickly
Macquarie has reduced the target price of the stock to Rs 450
Paytm shares have been under selling pressure since the listing. Paytm shares were allotted at Rs 2,150. The company’s shares touched an all-time low of Rs 520 on 23 March 2022. Accordingly, investors who put money in Paytm’s IPO have lost more than 70 percent. Recently, the Bombay Stock Exchange had also sought an explanation from the company in view of the decline in the company’s shares. In response, Paytm has said that its business fundamentals remain strong. Further, brokerage house Macquarie has reduced the target price for Paytm shares to Rs 450.
Also read- Ramdev will make Ruchi Soya debt free, told the company’s plan on the launch of FPO