Over 10% return in 2 weeks: Stock of this firm hits upper circuit for second straight day - Here's why

Paytm Share Price Today: The shares of One97 Communications, which owns the Paytm brand, hit its 5 per cent upper limit for the second session on Thursday, May 30. Paytm shares were trading 5 per cent higher at Rs377.50 on the Bombay Stock Exchange (BSE) at 9:44 am. 

At the NSE, it rallied 4.99 per cent to Rs 377.4 - the highest trading permissible limit for the day.

Paytm Share Price History

The shares of Paytm have surged over 10.44 per cent in two weeks. However, it has fallen over 41.59 per cent so far this year.

Paytm Share Price Today: What Brokerages Suggest

Earlier, Global brokerages revised their target prices on One 97 Communications after the digital payment firm reported its quarterly earnings for the January-March period of the financial year 2024. 

Jefferies upgraded Paytm to hold from an underperform. However, the brokerage trimmed the target to Rs 400 apiece from Rs 500 apiece earlier. It is to be noted the stock has not been rated by Jefferies since the RBI issues started. On the other hand, JP Morgan has maintained an underweight call on the counter. The brokerage has slashed the target by Rs 250 apiece on Paytm stock to Rs 350 per share. 

Paytm Share Price Today: Why Stock is in action?

The surge in share price comes amid media reports that the Adani Group is in talks to acquire a stake in the firm. However, the reports have been denied by both the firm and the Adani Group.

In a clarification to the BSE on news that Adani in talks with Vijay Shekhar Sharma to acquire stake in Paytm, the company on Wednesday said, "with reference to the captioned subject, we hereby clarify that the above-mentioned news item is speculative and the company is not engaged in any discussions in this regard.

"We have always made and will continue to make disclosures in compliance with our obligations under the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015," the filing said.

An Adani Group spokesperson said, "We categorically deny this baseless speculation. It is totally false and untrue".

With PTI inputs