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[ad_1] MUMBAI: The street failed to take comfort from Paytm management's assurance to investors that the company would disassociate from Paytm Payments Bank (PPBL) and partner with other banks following the Reserve Bank of India’s (RBI) move to severely restrict operations of PPBL. For the second straight day, the stock price of One 97 Communications (OCL) which owns Paytm slid 20% and hit lower circuit of Rs487 on Friday, down 77% from IPO price.The stock got hammered even after founder and CEO Vijay Shekhar Sharma assured consumers that the Paytm app will continue working beyond February 29. Earlier this week, RBI barred PPBL from adding funds to any customer accounts, ending the utility of most of its services with effect from March 1. Rivals, meanwhile, seem to be eating into Paytm’s market share. “We are seeing a surge in inbound requests from merchants for QRs and Smart speakers and we are making sure we meet that demand,” a PhonePe spokesperson said in response to q

[ad_1] Last Updated: June 27, 2023, 11:53 IST Paytm Stock Price:  Global brokerage Macquarie has downgraded Paytm stock to ‘Neutral’ from ‘Outperform’. This comes just four months after it gave a double upgrade to One 97 Communications, the parent of payments service provider Paytm. Macquarie had double upgraded Paytm in February to outperform from underperform and raised its price target to Rs 800 from Rs 450 earlier. However, despite the downgrade to neutral, Macquarie has maintained its price target for Paytm at Rs 800. While attributing the downgrade to the sharp run-up in share prices in recent months, Macquarie analyst Suresh Ganapathy said China’s Ant Financial could be looking to pare down its 25% stake which could be an overhang. He also sees risks emerging from Jio Financial Services’ (JFS) foray into financial services space. RIL chairman Mukesh Ambani is expected to make announcements related to JFS in the company AGM this year. A sharp run-up that the stock has seen s

[ad_1] New Delhi:  Paytm Payments Bank has received banking regulator RBI's nod to appoint Surinder Chawla as its Managing Director and CEO, the company said in a statement on Sunday. The RBI, however, continues to bar Paytm Payments Bank from onboarding new customers. "Paytm Payments Bank Limited (PPBL) has appointed veteran banker Mr. Surinder Chawla as its new Managing Director (MD) and Chief Executive Officer (CEO). The appointment has been approved by the Reserve Bank of India for a period of three years," the statement said. Before joining PPBL, Chawla was working with RBL Bank, where he served as Head - Branch Banking and focused on expanding the CASA base, fee revenue, and cross-selling across channels. "I am pleased to welcome Surinder to Paytm Payments Bank to drive our unwavering commitment to deepening financial inclusion and offering an exceptional mobile-first banking experience in India," PPBL Chairman Vijay Shekhar Sharma said. [

[ad_1] Last Updated: April 20, 2023, 14:24 IST Motilal Oswal Securities said Paytm has reported a healthy traction in growing its gross merchandise value (GMV) at 55 per cent CAGR Suggesting that Paytm’s two-pronged strategy will drive profitability, the brokerage noted that Paytm achieved breakeven in adjusted Ebitda Paytm shares rose on Thursday after domestic brokerage Motilal Oswal Financial Services initiated coverage on the digital payments firm’s stock with a ‘buy’ rating and a target price of Rs 865 — implying upside potential of 34.2 per cent from its closing price on Wednesday. In last one month, One 97 Communications share price has risen to the tune of 18 per cent in last one month, whereas in YTD time, this fintech stock has shot up to the tune of 24 per cent. Suggesting that Paytm’s two-pronged strategy will drive profitability, the brokerage noted that Paytm achieved breakeven in adjusted Ebitda in the December quarter, well ahead of its guidance. It said that a con

[ad_1] Stocks to Watch on July 21:  Nifty futures traded 18 points, or 0.09 per cent, higher at 19,876.50, signaling that Dalal Street was headed for a positive start on Friday. Here’s a slew of stocks that will be in focus today for various reasons. Results today: Reliance Industries, Ultratech Cement, JSW Steel, HDFC Life, Hindustan Zinc, DLF, Vedanta, One97 Communications, Ashok Leyland, Federal Bank, among others will report the April-June quarter results for fiscal year 2023-24 (Q1FY24). Tata Motors: Tata Motors arm JLR announced the appointment of Adrian Mardell as CEO for a three year term. Hindustan Unilever: The FMCG giant registered a 7.3 per cent year-on-year (YoY) increase in consolidated net profit in Q1FY24, in line with Street estimates. Revenue, too, saw an increase of 6 per cent YoY to Rs 15,496 crore. Infosys: The IT major saw 1.3 per cent sequential growth in revenues in the June quarter due to slowdown in deal ramp-ups. Net profit, meanwhile, declined 3 per

[ad_1] NEW DELHI: One 97 Communications which owns finetch major Paytm reported a 44.5% year-on-year decline in consolidated net losses in the June quarter to Rs 358.4 crore. Net losses stood at Rs 645.4 crore in the year ago quarter. Revenue from operations during the quarter increased to Rs 2,341.6 crore from Rs 1,679.6 crore posted in the year-ago quarter, recording a y-o-y rise of nearly 40%. Sequentially, though, losses have increased. In the March quarter, Paytm had reported losses of Rs 167.5 crore. “Driven by an increase in merchant subscription revenue, jump in GMV (gross merchandise value), and growth in loan disbursements, the company’s strong growth momentum continues, Paytm said in a statement. The fintech major said that it expects a continued topline growth and operating leverage to drive profitability in the coming quarters. “The company’s indirect costs (excluding ESOP cost) have increased along expected lines (up 22% year-on-year) due to seasonal increase in m

[ad_1] Stocks to watch on July 19: Nifty futures traded 6 points, or 0.03 per cent, lower at 19,797.50, signaling that Dalal Street was headed for a muted start on Wednesday. Here’s a slew of stocks that will be in focus today for various reasons. Results today: Tata Communications, L&T Finance Holdings, Bank of Maharashtra, Finolex Industries, Alok Industries, Mastek, Jubilant Pharmova, Tata Coffee, among others will report the April-June quarter results of fiscal year 2023-24 (Q1FY24). IndusInd Bank: The lender reported a 32.5 per cent year-on-year (YoY) growth in net profit at Rs 2,124 crore in Q1FY24, on the back of a fall in provisions. Net interest income (NII), meanwhile, grew 18 per cent YoY to Rs 4,867 crore in the recently concluded quarter. L&T Technology: The company registered 13 per cent YoY rise in net profit to Rs 311.1 crore in Q1FY24 but was down 8.5 per cent compared to the previous quarter. Revenue from operations, however, saw a 14.7 per cent YoY j