February 19, 2023
New Delhi, India
Paytm Shares Surge 5% Today
In a surprising turn of events, Paytm’s shares have surged by 5%, hitting the upper circuit for the second straight session. This comes amid the crisis-hit company’s recent partnership with Axis Bank for the settlement of merchant payments.
The Surge
In the previous session, Paytm shares ended at a 5% upper circuit at ₹341.30 on the National Stock Exchange (NSE). The shares continued their upward trajectory, marking a positive shift in investor sentiment.
The Axis Bank Partnership
One97 Communications, the parent company of Paytm, has shifted its nodal account to Axis Bank through an escrow account. This strategic move is seen as a significant factor contributing to the surge in Paytm’s share price.
Also read our latest pick: UK And Japan’s Recession: Why Major Economies Are Facing Economic Downturn?
The RBI Extension
Adding to the positive news, the Reserve Bank of India (RBI) extended the deadline for Paytm Payments Bank account holders to move their assets till March 15. This extension has provided some respite to the crisis-stricken company.
A Word of Caution
Despite the recent surge, it’s important to note that the stock has tanked 55% in one month. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.
Conclusion
The recent surge in Paytm’s shares offers a glimmer of hope for the crisis-hit company. However, the road to recovery can be long, and it remains to be seen how the company navigates through these challenging times.
As of writing this article Paytm shares were trading at 358.35 up +17.05+5.00%.
Read our latest analysis on Rupee vs Dollar
Disclaimer:
CurrencyVeda provides this news article for informational purposes only. We do not offer investment advice or recommendations. Before making any investment decisions, please conduct thorough research, consult with financial experts, and carefully consider your financial situation, risk tolerance, and investment goals. Investing in the stock market carries risks, and it’s essential to make informed choices based on your individual circumstances. CurrencyVeda is not liable for any actions taken based on the information provided in this article.
