Paytm Share Price Today: Stock Zooms 3% - What's Fueling The Rally

Paytm stocks rallied at 52 week high on Rs 1,007 on Monday December 9. The stock rose by three per cent.

Paytm Stocks Up: What Is The Reason?

The Singapore based unit of Paytm has approved the sale of its stock acquisition rights (SARs) for net proceeds of JPY 41.9 billion, or Rs 2,364 Crore. Paytm and Paytm Singapore had signed an agreement with Softbank Corp, Softbank Group Corp, a Japanese digital wallet form, and Yahoo Japan Corporation. Paytm Singapore has acquired Stock Acquisition Rights, convertible to 1,59,012 shares or 7.2 per cent stake in PayPay on a fully diluted basis.

The price of Paytm's share are declining through the day, the price stands at Rs 984.10 a piece as of 11:40 am.

What Are Brokerage Firms Predicting?

Global brokerage firm UBS had set the target for Paytm to Rs 1000 to Rs 490 apiece, earlier in November 2024. The firm said that the next phase of growth must be driven by revenue, because Paytm has already undertaken most cost optimization efforts. 

Brokerage firm Birnstein also predicted an upward trajectory for Paytm in November 2024 as well. The positive upside from Birnstein rallied Paytm's stocks upwards by 18 per cent. 
 
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