Shares of One 97 Communications, the parent company of Paytm, have surged by nearly 6% to exceed ₹700 for the first time since January 2024. The stock climbed to ₹703.25 during today's intraday session, marking a significant recovery from its previous lows.
The recent jump follows a prolonged period of decline, with Paytm shares hitting an all-time low of ₹310 per share. Since then, the stock has surged by 120%, demonstrating impressive growth. The share price has consistently risen over the past four months, including a notable 10% increase this month. This upward trend is a stark contrast to the stock's performance earlier in the year when it experienced a substantial correction following regulatory challenges.
Paytm's CEO, Vijay Shekhar Sharma, announced plans to reapply for a payment aggregator (PA) license from the Reserve Bank of India (RBI) at the 2024 annual general meeting. This move comes after Paytm Payments Services Limited (PPSL), a subsidiary of Paytm, received approval from the Ministry of Finance for further investment in its payment services.
The approval, dated August 27, 2024, allows PPSL to move forward with its PA license application. Despite an initial rejection in November 2022 due to compliance issues with Press Note 3, which requires government approval for investments from neighbouring countries, Paytm remains committed to securing the necessary licensing.
For those looking to buy shares online, this recent performance of Paytm shares highlights a potential opportunity. The stock's impressive rebound and ongoing recovery suggest a positive outlook for investors. As Paytm continues to strengthen its position and address regulatory challenges, buying shares online could be a strategic move for those interested in capitalising on future growth.
With Paytm's share price crossing the ₹700 mark and showing strong recovery, investors who are keen to buy shares online might find this an opportune moment. The company's strategic initiatives and recent approvals pave the way for continued progress, potentially offering promising returns for shareholders in the future.
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