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Paytm shares surged over 8% today; here’s why

08 June 20233 mins read by Angel One
Business performance in May 2023 boosted the stock price, signalling an exciting upward trajectory.
Paytm shares surged over 8% today; here’s why
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On June 5, 2023, One 97 Communications Ltd declared its operating performance for May 2023. The company’s loan distribution business recorded disbursements of Rs 5,502 crore (USD 666 million) in May 2023 through the Paytm platform. Additionally, the company achieved disbursements of Rs 9,618 crore (USD 1.2 billion) with a year-over-year (YoY) growth of 169%, along with distributing 85 lakh loans, showing a YoY growth of 54%, in the quarter to date for April and May 2023. 

Subscription devices for payments, such as Soundbox and POS machines, continue to witness increased acceptance among merchants. As of May 2023, the number of merchants paying a subscription for payment devices has reached 75 lakh, representing an increase of 4 lakh devices in that month.  

Moreover, the Merchant Payment Volumes (Gross Merchandise Value) for the quarter to date, spanning April and May 2023, amounted to Rs 2.65 lakh crore (USD 32.1 billion), exhibiting a YoY growth of 35%.  

Yesterday the scrip closed at Rs 727. Today it opened at Rs 735.50 and currently trading at Rs 774.20, up by 6.49%. In today’s trading session, it touched a high of Rs 785.50, up by 8.05% and a low of Rs 735.50. In the past three trading session script surged by 8.42%. 

The company has a market cap of around Rs 49,000 crore. It has a 52-week high of Rs 844.40 and a 52-week low of Rs 439.60. The company has gained more than 52% over the past 6 months.    

A new option for donations to the victims of the Odisha train tragedy was unveiled by the corporation yesterday. A few hours later, founder Vijay Shekhar Sharma declared that the Paytm Foundation would match every donation made through the system.  

Incorporated in 2000, One 97 Communications Ltd is India’s leading digital ecosystem for consumers as well as merchants. As of March 31, 2021, the company has a 333 million+ client base and 21 million+ registered merchants to whom it offers payment services, financial services, and commerce and cloud services.

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