Paytm dived over 10 per cent in intraday deals on Thursday amid heavy volume of around 4 million shares. The stock now seems headed to test support at its all-time low of Rs 510.
Floor price set at Rs 555, 8% discount to last close
Stocks to watch today: Coal India, Divi's Lab will report the July-September quarter (Q2FY23) results on Monday, November 7; SBI's net profit climbed 73.9 per cent YoY to Rs 13,265 crore in Q2FY23
Digital financial services firm One97 Communications, which owns the Paytm brand, on Thursday announced a collaboration with e-commerce firm Flipkart for its annual festive season sale 'The Big Billion Days' as payments partner. Flipkart, which owns majority stake in Paytm's competitor PhonePe, will host its annual festive season sale between September 23 - 30, 2022. "With this partnership, Paytm is offering exciting cashbacks on payments made through Paytm UPI and Paytm Wallet," Paytm said in a statement. Paytm will offer assured cashback of 10 per cent on all transactions, the Noida-based firm said. "Our association with Flipkart as a payments partner for The Big Billion Days will provide a secure payments experience to millions of shoppers in small cities and towns of India," a Paytm spokesperson said.
Its stock dropped to an intraday low of Rs 681.2 before closing at Rs 708.6, down 2.6 per cent over its previous day's close
Paytm held its 22nd annual general meeting (AGM), the first such meeting after it became a listed company in 2021
Stocks to watch today: Bharti Airtel and Adani Ports will report their June quarter results (Q1FY23); Titan saw 13-fold jump in net profit to Rs 790 crore in Q1FY23.
Its contribution profit, which excludes taxes and marketing expenses but includes promotional incentives, grew over three-fold to Rs 726 cr in June 2022 quarter from Rs 245 cr in year ago period
Paytm's Vijay Shekhar Sharma says company is seeing excellent momentum and is on track to achieve operating profitability
Foreign portfolio investors and mutual funds have marginally increased stake in Paytm's parent company One97 Communications
Majority say no to the plan; new-age companies have faced similar hurdles
Despite its sharp run-up in the past two months, Paytm has underperformed the market by falling 34 per cent in the last six months as against a 12 per cent decline on the Sensex
The proposal to set up joint venture firm Paytm General Insurance Limited (PGIL) was approved by the board on May 20, the company said in a regulatory filing.
One97 Communication, the parent company of Paytm reported a loss of Rs. 780 in March quarter
The agreement was terminated by Paytm Insuretech as the share sale and purchase transaction was not consummated within the time period envisaged by the parties under the agreement
Foreign portfolio investors' (FPIs) holding in Paytm has declined by 4.94 percentage points to 4.42 per cent in March 2022 quarter.
Shares of Paytm are expected to jump up to 20 per cent after overcoming the resistance at the 50-DMA.
Shares of Paytm declined significantly in recent times due to volatile market conditions for high growth stocks, the company's founder and CEO Vijay Shekhar Sharma said on Wednesday
Paytm shares declined due to volatile market conditions, says Vijay Shekhar Sharma
Anuj Mittal is expected to drive the paytm's corporate-investor relations, acting as a liaison between the management and investors