PAYTM FRESH LOW
Paytm shares jump nearly 10% in 2 days after hitting all-time low
The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.
Stock market update: Stocks that hit 52-week lows on NSE in today's trade
Dr. Reddys, Asian Paints, Grasim Inds., UltraTech Cem. and HUL were among the top losers on NSE in today's trade.
Paytm Payments Bank to cut about 20% of staff as business halt looms
Paytm, formally known as One 97 Communications, owns a 49% stake in the bank which was ordered by the Reserve Bank of India (RBI) at the end of January to stop accepting credit transactions or deposits across products such as savings accounts, prepaid cards and digital wallets by March 15, following persistent compliance breaches.
Ahead of Market: 10 things that will decide stock action on Monday
Indian shares logged their second straight week of gains, with the benchmark Nifty 50 index hitting record highs in all five sessions, buoyed by a rise in heavyweight financials. As the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips
Fintechs and the KYC conundrum; other top tech, startup stories this week
KYC is best understood as the doorway to formal banking channels. So improper KYC can open up banking to the risks of money laundering, fraudulent transactions and such. When customers open bank accounts, they need to submit identity documents, PAN cards to be verified by bank officials as a part of the KYC process.
Sensex rebounds over 1,000 points from day’s low, jumps 535 points; Nifty hits fresh high
Nifty IT surged nearly 2%, led by HCL Tech, TCS, and Tech Mahindra despite the minutes of the Federal Reserve's latest policy meeting indicating most policymakers were concerned about the risk of cutting rates too soon. The market capitalisation of all listed companies on BSE increased by Rs 3.26 lakh crore to Rs 392.13 lakh crore.
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Paytm bank RBI crackdown may just be the start? Banks’ rush for clients set for reckoning
Paytm: Indian regulators are cracking down on potential fraud in the financial sector, starting with Paytm. The Reserve Bank of India is getting tougher on customer verification lapses and may take more severe action against Paytm bank, which had backing from Warren Buffett and SoftBank Group Corp.
RBI's Paytm bank extension with riders; Mumbai a startup hub?
More payment banks are likely to face regulatory action on allegations of money laundering, following the recent RBI crackdown on Paytm. This and more in today's ETtech Top 5.
Paytm shares jump 5%. Is it a dead cat bounce rally?
Shares of Paytm's parent company, One 97 Communications, rose 5% after hitting all-time low levels due to the RBI banning Paytm Payments Bank. Experts advise retail investors to stay away from the stock. Macquarie sees the stock slumping furthr.
Paytm loses out on Fastag; IT hiring slows amid increased scrutiny
The move is aimed at ensuring that millions of Paytm Fastag users do not face any hassle while using toll roads after the cut-off date, people aware of the matter told ET. The government is apprehensive of the inconvenience that will be caused to Paytm users, they said.
BlueStone, Ixigo chart IPO route; a new low for Paytm
Online jeweller BlueStone and travel tech platform Ixigo are planning to list on the public bourses. Details of this and more in today’s ETtech Top 5.
Sensex extends gains to third day, climbs 228 points led by HDFC Bank, M&M
Paytm shares on Thursday fell another 5% to hit a fresh record low of Rs 325.30 on the BSE after the Directorate of Enforcement (ED) quizzed Paytm Payments Bank officials in connection with its probe into alleged violations of the Foreign Exchange Management Act (Fema) by entities using the bank.
Paytm shares turn into bottomless pit as stock tanks another 5% to new low
Shares of One 97 Communications fell 5% after ED questioned Paytm Payments Bank officials over alleged FEMA violations. Paytm has lost 57% in value since RBI banned the payments bank. Macquarie sees stock slumping to Rs 275, says Suresh Ganapathy.
Macquarie downgrades Paytm; IT headcount drops again
Global brokerage Macquarie has downgraded Patym’s stock and slashed its target price following the recent action by the central bank. This and more in today’s ETtech Top 5.
Paytm shares crash 9% after Macquarie cuts target price to Rs 275 in fresh downgrade
Paytm shares fell 8.7% to Rs 385.75 on BSE after Macquarie downgraded the company with a reduced target price of Rs 275 in the base case scenario. Following a ban on Paytm Payments Bank, RBI Governor Shaktikanta Das stated that there is limited scope for reviewing actions.
Amid Paytm crisis, Indian NBFCs explore options for loan disbursal
Indian non-bank lenders are exploring alternative options for loan disbursal amid concerns over the regulatory issues surrounding Paytm, which has led to a temporary halt in its lending services. While lending partners have not terminated contracts with Paytm, they are reportedly seeking alternatives due to uncertainty about when lending services might resume through the Paytm app.
Stock market update: Stocks that hit 52-week lows on NSE
Hindalco, Power Grid, Grasim Inds., Adani Ent. and Wipro were among the top losers on NSE.
RBI says Paytm’s non-compliance forced action; Zomato’s Q3 report card
Without naming a specific entity, RBI Governor Shaktikanta Das said the regulatory action was driven by a “lack of compliance”.
Paytm denies speculations on Jio Financial's acquisition of Paytm Wallet
Paytm, in an official release, stated that the news item suggesting such an acquisition is speculative, baseless, and factually incorrect. The clarification from Paytm extends to its associate company, Paytm Payments Bank Limited, as well. According to the release, the payments bank has also not engaged in any negotiations related to the speculated acquisition by Mukesh Ambani.
Stock market update: Stocks that hit 52-week lows on NSE
UPL, Bharti Airtel, Kotak Bank, HDFC Life and HDFC Bank were among the top losers on NSE.
The week that was: Hope and despair on Startup St., and other top tech stories
But if there’s one thing that has come to the fore this week, it's compliance and governance issues at startups. When companies are in the nascent stage they can get lax on setting up internal controls, but once you scale it becomes a different proposition altogether.
Stock market update: Stocks that hit 52-week lows on NSE
Eicher Motors, HDFC Life, Axis Bank, HUL and Maruti Suzuki were among the top losers on NSE.
RBI’s major blow to Paytm; IT fresher hiring at record low
The Reserve Bank of India dealt Patym a severe blow, barring the listed fintech’s payment bank from offering banking services after February. This and more in today’s ETtech Morning Dispatch.
These largecaps have ‘strong buy’ & ‘buy’ recos and upside potential of more than 15%
While the recent up move in large caps has made them cover some of the differential which has developed in the valuations between mid and large stocks. If one looks at the long term average, there is still a scope of mean reversion. It might happen in both ways, mid-cap witnessing some profit booking and large caps doing relatively well in the corrective phase of the markets. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks.
New-age firms ride market surge in buoyant week; and other top tech, startup stories this week
On Friday, the 30-stock benchmark index BSE Sensex ended at a fresh all-time high of 72,568 points. In the broader buoyancy of the stock markets, shares of new-age companies Zomato, Nykaa, Honasa Consumer, Paytm, Delhivery and PB Fintech also rose through the week.
Udaan's fundraise; VC-backed listed tech firms hit $50B market cap
Business-to-business (B2B) ecommerce firm Udaan has raised $340 million through conversion of its debt and fresh equity infusion. This and more in today’s ETtech Top 5.
Blazing rally! Paytm hits 52-week high, nearly doubles from lows. What should investors do?
Paytm's stock has hit a 52-week high, having gained 60% so far this year and up nearly 100% from the lows of last year. The fintech company reported strong operational performance in May, with 92 million average monthly transacting users compared to 74 million in the same period last year and GMV up from Rs 1.96tn in April-May 2022 to Rs 2.65tn in April-May 2023. Paytm also saw a significant rise in the number of subscribing merchants and a boost in loan disbursal from Rs 3,576 crore to Rs 9,618 crore in the same comparative periods.
Paytm shares zoom 80% from record low. Is the new-age stock coming of age?
Paytm's shares have risen over 80% since hitting a 52-week low of INR438.35 on 23 November. Last week's rally of 13.5% came after global brokerage firm BofA Securities upgraded the stock to a buy rating from neutral, with a revised target price of INR885, citing strong revenue momentum, potential operational leverage upside and limited competition. Another foreign brokerage, CLSA, also assigned a buy rating and INR850 target price. Although still not trading close to its IPO price of INR2,150, Paytm's management aims to achieve EBITDA break-even by September 2023.
Nykaa hits fresh low but this brokerage sees 57% potential upside in stock
Worth noting is that these sets of investors are sitting on huge profits. The sharp gains can be a reason for selling in order to diversify the portfolio or to book profits, said the report. So, there is likely to be some action on the counter around the lock-in period expiry timeline.
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