digital Shares of One97 Communications, the company that operates payments platform Paytm, rose more than eight per cent on Wednesday. Paytm shares saw a surge after NPCI approved Paytm to add new UPI users subject to compliance with all procedural guidelines and circulars. Shares of One97 Communications rose 8.40 per cent to close at Rs 745 on BSE. During trading, it had risen 12.21 percent to Rs 771.25. Shares of the company rose 7.53 per cent to Rs 738.20 on NSE. Thus, the market valuation of the company increased from Rs 3,680.36 crore to Rs 47,436.58 crore.
Paytm got big relief
Getting approval from the National Payments Corporation of India (NPCI) is a relief for Paytm. Earlier this year, Paytm suffered a major setback as the Reserve Bank of India imposed restrictions on its sister company Paytm Payments Bank Limited (PPBL). Paytm informed BSE on Tuesday evening that it has received approval from NPCI to add new UPI users.
How was the result of the company?
Paytm’s parent company One97 Communications made a net profit of Rs 928.3 crore in the second quarter of the current financial year 2024-25. The company had suffered a loss of Rs 290.5 crore in the second quarter (July-September) of the financial year 2023-24. Providing information on its financial performance, Paytm said: Paytm’s operating income declined 34.1 percent year-on-year to Rs 1,659.5 crore in the quarter under review. Paytm made a net profit (profit payable to owners of the parent company) of Rs 928.3 crore in the second quarter. This includes a gain of Rs 1,345 crore from the sale of the entertainment ticketing business.
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