Orchid Pharma

Bernstein has increased its target price for One97 Communications, the parent company of Paytm, due to the expected implementation of a merchant discount rate for UPI transactions. This could greatly boost Paytm’s profits and the brokerage has factored this into their projections from FY28E. They have also maintained an ‘Outperform’ rating and raised the target price to Rs 2,200.