Market movers: paytm surges 6% on fintech boost in Budget; HFCL, sterlite tech rally too
- ByStartupStory | February 2, 2022
The union budget proclaimation made way for digital rupee, which could be the new step of growth in the digitalisation of finance services and payments in India and will bring efficiency of transactions.
The increased rise of fintech in the budget lifted the profile of paytm on Dalal street, as the stock ended up heavily ever since listing, losing over half of the value.
Beforehand, the union budget proclamation made way for digital rupee, which could be the next phase of growth in the digitisation of financial services and payments in India and will bring efficiency of transactions.
Vijay Shekhar Sharma, Chief Executive Officer, Paytm also seemed excited about the development.
“ clearly, the success of digital payments is be getting the upcoming climax of this journey.
I am elated that India will be at the fore front of new financial services that can act as big gamechanger in lowering the cost of banking, which in turn will barrel, financial inclusion.
When looking at every other sector was basking in the sum of the budget announcement, it seems the euphoria was absent from Auto stocks.
Weaker earnings and subdued monthly sales data put pressure on them.
Tata motors was the biggest loser in the pack after reporting larger than expected loss, while M&M and Eicher Motors were other major losers.
TVS Motor was the top gainer.
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