Paytm Shares Maintain Winning Streak; EaseMyTrip Gains More Than 7%
- ByStartupStory | July 19, 2022
On Monday (July 18), shares of One 97 Communications, the parent organization of Paytm, extended their winning streak, closing the day 3.2 percent higher at INR 731.30 on the BSE. The fintech startup’s stock has been rising since last week when it announced a 492 percent year-on-year (YoY) increase in total loan disbursements to 8.5 million during the quarter Ending 2022.
Paytm’s statement last week that it will ask for an extension for its direct mutual fund customers to update their KYC & register a Demat account propelled the stock higher, reaching a four-month high of over INR 738. On Monday, the stock hit an intraday record of INR 734.90 before paring some of its gains. Paytm shares have dropped significantly in value since their initial public offering in November of last year. As of the most recent close, the shares were down more than 62 percent since their introduction. On Monday, the startup’s market capitalization was INR 47,449 Cr.
Paytm’s exchange debut was disappointing, with the shares trading at a discount of about 10% to the issue price, at INR 1,950 & INR 1,955 on the NSE and BSE, respectively. It was priced at INR 2,150 at the time of release. Paytm shares hit a low of INR 515.65 in May, only days before the business reported its earnings for the fiscal year 2021-22. (FY22).
Paytm’s net loss jumped 41% year on year to INR 2,396.4 Cr in FY22, while income from operations surged 77% to INR 4,974.2 Cr. Meanwhile, shares of EaseMyTrip’s parent company, Easy Trip Planners, rose 7.2 percent to INR 403.55 on the BSE on Monday, reaching their highest level since May 26. Other new-age tech firms, such as Zomato, Nykaa, and PB Fintech, fell further on Monday. Overall, the Indian market appeared to be improving, with benchmark indexes NSE Nifty50 and BSE Sensex closing 1.43 percent and 1.41 percent higher, respectively, at 16,278.50 and 54,521.15.
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