Paytm Karo say investors as stock shoots-up 4% on Q3 update, appointment of new MD and CEO for its payments bank
Paytm Q3 Update, Paytm Share Price NSE: The fintech company informed stock exchanges about its Q3 performance update ahead of the October-December quarter results.
Paytm Q3 Update, Paytm Share Price NSE: News of sustained growth in payments and loan distribution business and appointment of Surinder Chawla as new Managing Director and CEO of Paytm Payments Bank was lapped-up by Dalal Street participants as Paytm stock shot-up over 4 per cent on the NSE on Monday.
At the time of filing the story, shares of One97 Communications, which operates Paytm, were trading at Rs 565.30, up by 2.53 per cent.
The fintech company informed stock exchanges about its Q3 performance update ahead of the October-December quarter results.
The company disbursed 3.7 million loans worth Rs 3,665 crore (USD 443 million, y-o-y growth of 330 per cent) in December 2022, the exchange filing said. The number of loans disbursed during the month was up 117 per cent.
The company also highlighted its focus on creating additional payment monetisation beyond MDR (Merchant Discount Rate) with expanison of subscription services. "Number of merchants paying subscription for payment devices has reached 5.8 million as of December 2022, an addition of 1 million devices in the quarter ended December 2022," the company filing said.
Merchant payment volumes (GMV) for the quarter ended December 2022 stood at at Rs 3.46 lakh crore (USD 42 billion), up 38 per cent y-o-y.
"Consumer engagement is at its highest on Paytm Super App with average monthly transacting users (MTU) at 85 million for the quarter ended December 2022," the filing said. It was up 32 per cent y-o-y.
On Sunday, Paytm Payments Bank received banking regulator Reserve Bank of India's nod to appoint Surinder Chawla as its MD and CEO.
Market expert Simi Bhaumik recommended a 'buy' on the counter for a target price of Rs 590/ 600 with a stop loss of Rs 530.
Paytm Share Price History NSE
YTD, Paytm share price has gained around 6 per cent. At current level, the company has a market cap of Rs 36.55 thousand crore, according to NSE website.
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Also, read- Paytm Payments Bank appoints MD and CEO post RBI nod
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