Paytm shares rise 3% after Emkay upgrade to 'Add'; doubles target price

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Paytm shares rise 3% after Emkay upgrade to 'Add'; doubles target price - Business Standard

Quick Summary:

The surge in the Paytm stock was fueled by domestic brokerage Emkay's upgrade to 'Add' from 'Reduce.

Paytm shares in focus: Shares of Paytm, owned and operated by One97 Communications, were in demand on Tuesday, September 24, 2024 as the scrip rallied up to 3.30 per cent to hit an intraday high of Rs 673.05 per share.

The company anticipates staff cost savings of Rs 400-500 crore, which, combined with reduced costs in its loan distribution business (notably lower collection costs due to its transition to a distribution-only model), should alleviate overall Ebitda pressure.