Paytm Share Price Jumps To Highest Level Since January After Large Trade

Paytm's parent One 97 Communications Ltd. share prices rose over 5% on bourses Thursday after its shares changed hands in a large trade. As of 12:51 p.m., data on Cogencis shows a large trade of One 97 Communications's 1.82 lakh shares at Rs 691 apiece.

One 97 Communication has 63.60 crore shares outstanding as of June, according to data on the National Stock Exchange website.

Shares of Paytm were rising for three days in a row on Thursday after Emkay Global Research doubled its target price on better profit outlook. It has gained 4.34% in the last three days.

Emkay Global Research upgraded the One 97 Communications Ltd.'s stock rating to 'Add' from 'Reduce'. It has also hiked the target price to Rs 750 apiece from Rs 350 apiece. The current target price implies 15.36% upside from Monday's close of Rs 650.15 per share.

One97 Communications Ltd. rose as much as 5.43% to Rs 724.80, the highest level since Jan 31. It was trading 3.09% higher at Rs 708.15 as of 2:40 p.m., as compared to 0.67% rise in the NSE Nifty 50 index.

The stock declined 17.04% in 12 months, and 11.32% on year to date basis. Total traded volume so far in the day stood at 1.8 times its 30-day average. The relative strength index was at 69.13.

Out of 12 analysts tracking the company, six maintain a 'buy' rating, six recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 26.7%

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