Paytm shares extended their rally for the second consecutive day on Tuesday, climbing over 8% amid strong buying interest. The stock rose by as much as 8.23%, reaching ₹679.70 per share on the BSE.
Significant Upward Momentum for Paytm shares
Shares of One 97 Communications, the parent company of fintech giant Paytm, have been experiencing substantial upward momentum. Paytm’s share price has increased more than 13% over the past week and surged over 33% in the last month.
The stock has jumped more than 74% in the past three months and is now nearly 120% above its 52-week low of Rs 310, hit on May 9, 2024.
Regulatory Approval Boosts Paytm’s Payment Services
On August 28, Paytm announced it received approval from the Ministry of Finance to invest in its payment services business. With this approval, Paytm Payments Services Ltd (PPSL) will resubmit its application for payment aggregator services.
In the interim, PPSL will continue providing online payment aggregation services to existing partners, as stated in a regulatory filing by Paytm.
Paytm stock performance in last one year
One 97 Communications shares have experienced a mixed performance recently. Over the past month, the stock has delivered positive returns of 29.28%, reflecting modest upward movement. The stock’s rally has continued, with returns reaching 80.10%.
Year-to-date, the stock remains in positive territory with a gain of 2.97%. However, over the last twelve months, the performance has been challenging, with the stock recording negative returns of 26.44%.