Several foreign brokerages including JP Morgan, Citi and Bank of America Securities have charted out a positive growth outlook for Paytm operator, One97 Communications.
Trading volumes are high as one crore shares change hands against one-month daily traded average of 46 lakh.
The stock price of One 97 Communications, the parent of Paytm, continued its gaining streak for the third day in a row and touched a new 52-week high of Rs 892.60 per share backed by volume and a positive outlook.
Paytm’s share price was quoting at Rs 892 apiece, up 4.1 percent from the previous day’s close.
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The payments operator, in recent weeks, has been making positive strides which have been reflected in its stock price. On June 8, Bank of America Securities (BoFA), upgraded its rating to ‘buy’ and raised the target price by nearly 10 percent to Rs 855. BoFA said that it expects revenues to improve backed by digitisation in the country. Limited competition in the market, and a healthy cash balance.
