Paytm shares cross the mark of ₹1,000 to hit a three-year high; Stock is now 3x from all-time low – CNBC TV18
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This is the highest level that the stock has hit since January 2022. The stock has risen 28% in the last one month.
The stock, on November 23, 2023, had made a high of ₹927, before correcting over the next three months.
Regulatory action with regards to its Payments Bank had sent shares of Paytm on a further downward spiral, with the stock making an all-time low of ₹310, before reversing from those levels. The stock had turned positive on a year-to-date basis in October this year.
With this move, the stock is now up 3x from its all-time low of ₹310.
However, despite this recovery, the stock is still half of its IPO price of ₹2,150.
Bernstein wrote in its note that the discussions on Paytm have shifted from survival risks to a discussion of bull and bear case scenarios. It also sees a nearly 100% upside to its base case Earnings Per Share (EPS) estimates for Paytm.
Out of the 18 analysts that have coverage on Paytm, seven of them have a “buy” rating on the stock, six say “hold”, while five have a “sell” recommendation on the stock.
Shares of Paytm are trading 2% higher at ₹1,003.75. The stock is up 55% so far in 2024. The stock had gained 20% in 2023 as well.
