One 97 Communications (Paytm) rallied 4.25% to Rs 534.75, extending gains for the third trading session.
Shares of Paytm jumped 12.25% in three trading sessions from its recent closing low of Rs 476.40 on 23 December 2022.
On the BSE, 3.23 lakh shares were traded in the counter so far compared with average daily volumes of 2.15 lakh shares in the past two weeks. The stock hit a high of Rs 541.5 and a low of Rs 511.05 so far during the day.
The stock hit a 52-week high of Rs 1,379.5 on 29 December 2021. The stock hit a 52-week low of Rs 439.6 on 24 November 2022.
The stock had outperformed the market over the past one month, advancing 15.81% compared with 2.54% decline in the Sensex.
The scrip had underperformed the market in past three months, declining 17.08% as against Sensex's 7.63% jump.
The counter had also outperformed the market in past one year, sliding 60.44% as against Sensex's 5.21% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 51.724. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading below its 50-day, 100-day and 200-day simple moving average (SMA) placed at 561.71, 644.50 and 639.73, respectively. These levels will act as crucial resistance zones in near term.
Paytm is India's payment Super App offering consumers and merchants most comprehensive payment services. Pioneer of the mobile QR payments revolution in India, Paytm's mission is to bring half a billion Indians into the mainstream economy through technology-led financial services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.
On a consolidated basis, One 97 Communications' revenue surged 76.2% to Rs 1914 crore in Q2 September 2022 over Q2 September 2021. The revenue was driven by increase in merchant subscription revenues, growth in bill payments due to growing MTUs (monthly transacting users) and growth in disbursements of loans through platform. However, the company's consolidated loss widened to Rs 571.10 crore in Q1 June 2022 from net loss of Rs 472.90 crore a year ago.
The stock entered the bourses on 18 November 2021. It was listed at Rs 1955, a discount of 9.07% compared with the initial public offer (IPO) price of Rs 2150. The IPO of Paytm was subscribed 1.89 times. The issue opened for bidding on 8 November and it closed on 10 November. The price band of the IPO was fixed at Rs 2080 to Rs 2150 per share.
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