Introduction:
Paytm’s parent company, One 97 Communications, saw a significant 8.9% surge in its stock price to Rs 438.95 per share during Thursday’s trading on the BSE. Over the past month, the stock has risen by 27.6%, rebounding from a 52-week low of Rs 310 reached on May 05, 2024. Despite this increase, it remains 56% below its peak of Rs 998 recorded on October 20, 2023.
This recent upturn in stock price follows an announcement that Paytm has partnered with Samsung to integrate travel and entertainment services into Samsung Wallet in India. Users of Samsung Galaxy smartphones will now be able to seamlessly access Paytm’s flight, bus, movie,
and event booking services through their Samsung Wallet using the ‘Add to Samsung Wallet’ feature.
Paytm Shares Surge 9% on Samsung Partnership; Stock Up 28% in One Month:
In another development, the Insurance Regulatory and Development Authority (IRDA) has approved Paytm’s application to withdraw as a general insurance manufacturer. Going forward, Paytm Insurance Broking will focus on distributing insurance products, aiming to enhance offerings in health,
life, motor, and gadgets segments, particularly small-ticket insurance products.
Despite these positive initiatives, Paytm reported a significant net loss of Rs 550 crore in the fourth quarter of fiscal year 2023-24, marking a threefold increase compared to the same period last year.
This rise in losses was attributed to margin impacts following regulatory actions, notably the Reserve Bank of India’s restrictions on Paytm Payments Bank in January.
Conclusion:
Furthermore, Paytm’s revenue from operations in Q4FY24 decreased by 2.9% year-on-year to Rs 2,267 crore, down from Rs 2,334 crore in the corresponding period the previous year. Quarter-on-quarter, there was a substantial 20% decline in revenue.
As of the latest update, Paytm’s stock was trading 5.51% higher at Rs 424.85 per share on the BSE, outperforming the broader market index BSE Sensex, which saw a modest 0.30% increase.
FAQ:
1. Why did Paytm’s stock price increase by 9%?
Paytm’s stock saw a significant rise after announcing a partnership with Samsung. This collaboration aims to integrate Paytm’s travel and entertainment services into Samsung Wallet, enhancing convenience for Samsung Galaxy smartphone users.
2. How much has Paytm’s stock gained recently?
Over the past month, Paytm’s stock has surged by 28%, reflecting positive market sentiment following strategic partnerships and developments.
3. What impact did the partnership with Samsung have on Paytm’s stock?
The partnership boosted investor confidence, leading to an 8.9% increase in Paytm’s stock price during intraday trading on the BSE.
4. What other recent developments have influenced Paytm?
Paytm recently received approval from IRDA to withdraw as a general insurance manufacturer, focusing instead on distributing insurance products through its subsidiary, Paytm Insurance Broking.
5. How did Paytm perform financially in the last quarter?
Paytm reported a net loss of Rs 550 crore in Q4FY24, largely attributed to margin impacts following regulatory actions affecting its associate company, Paytm Payments Bank.
6. What are Paytm’s future plans?
Paytm aims to innovate in small-ticket insurance products across various segments like Health, Life, Motor, and Gadgets, leveraging its subsidiary, Paytm Insurance Broking Private Ltd.
Disclaimer
The information provided on www.stockpulsdailynews.com is for informational purposes only and does not constitute financial advice. Stock trading is inherently risky, and users agree to assume full responsibility for their trading decisions, including any loss of capital. While we strive for accuracy, we do not guarantee the completeness or reliability of the information presented.
Users should conduct their own research and consult with a qualified financial advisor before making any investment decisions. www.stockpulsdailynews.com disclaims all warranties and is not liable for any damages arising from the use of this website. By using this site, you agree to these terms.
For any question, please contact us