Paytm News: Paytm Latest News & Recent Paytm latest updates – Economic Times
As per the shareholding data of One 97 Communications, Goldman Sachs Singapore held 84,01,067 shares or 1.32% stake in the fintech payment platform. Paytm shares on Tuesday settled in the red, breaking their two-sessions winning streak.
Domestic markets start positively with Paytm, Indus Towers, Vedanta, Cipla, Gland Pharma in focus. ZEE appoints acting CFO. Tata Technologies partners with Microsoft. Wabco to sell ZF equity. Craftsman Automation launches QIP. Fosun Pharma reduces stake. Vedanta monetises steel business. Goldman Sachs sells One 97 shares; Vodafone sells Indus Towers shares; Generative AI hackathon.
One97 Communications, the parent company of Paytm, saw a 8% surge in shares as it announced a partnership with Samsung Wallet. Galaxy smartphone users can now access Paytm’s services for flight, bus, movie, and event bookings seamlessly through the Samsung Wallet.
The primary price trend of Godawari Power has increased significantly by 157% YoY. The stock recently experienced a technical pullback from its shorter-term weekly moving averages, climbing 35% in under four weeks. Hence, the counter is now trading 14% higher than its mean, increasing the likelihood of profit-taking.
What’s the deal with Paytm and Zomato? What’s happening with their shares, and how will it affect both companies? Let’s take a look at all that in today’s ET Markets Decoder. Watch!Paytm deal could be Zomato’s largest buyout after Uber Eats, Blinkit | Key points
If the deal goes through, it will be among the largest buyouts for Zomato after it acquired Uber Eats in 2020 and took over quick commerce platform Blinkit in 2021 in an all-stock deal valued at Rs 4,447 crore.
Paytm has been facing regulatory trouble after the RBI barred Paytm Payments Bank Ltd from accepting more deposits from February 29, owing to non-compliance. After declining 51% in the last one year, Paytm saw some positive action with the shares rising 13% this month.
Sensex and Nifty hit new highs. NCLAT directs NCLT to re-hear APL Apollo Tubes insolvency plea. Reliance Jio’s tech collaboration with TM Forum sees 80% resource increase. Police investigate child labor at Som Distilleries. Mahindra Lifespace targets sharp increase in sales. Lupin enters CDMO business. Alembic Pharma receives FDA approval.
On Friday, equity indices surged by over 2%, reaching record highs following the Reserve Bank of India (RBI) upward revision of the GDP growth projection. Notable stocks included HDFC AMC, which increased by 2%, Wipro, witnessing a 5% gain, and Paytm, whose shares soared by 10% on Friday.
Shares of One97 Communication, the company behind the digital payments platform Paytm, experienced a significant surge of up to 10% intraday on Friday following an upward revision of the circuit filter at the stock exchanges.
Despite the Nifty index closing the shortened trading week with a slight increase of 0.4%, significant activity was observed in block deals. Over three dozen companies across various market caps saw block deals worth a total of ₹40,543 crore, involving both buying and selling.
Paytm shares rose 5% amid reports of deal talks between Paytm CEO and billionaire. Shares hit upper circuit limit despite company’s denial of discussions.
Shares of Paytm surged 5% as Gautam Adani considers investing in the company. Paytm founder met Adani to discuss a potential deal. Adani is also seeking investments from West Asian funds for Paytm, facing challenges after RBI restrictions.
The market capitalisation of the BSE listed companies fell by Rs 30 lakh crore with 694 stocks hitting lower circuits and 292 crashing to 52-week lows on the BSE.
Despite widened net loss and a revenue drop in Q4, Paytm’s shares closed near a 5% upper circuit. Impact of disruptions from UPI transition and Paytm Payments Bank embargo cited. Impairment provision of Rs 227 crore for investment in PPBL recorded.
Paytm’s Q4 results show widened losses and reduced revenue, impacted by disruptions and regulatory actions. Analysts vary: Bernstein sees signs of recovery, Macquarie remains cautious, Motilal Oswal maintains a neutral stance, while JM Financial advises selling.
Emkay Global’s analyst Anand Dama expects a further 16% correction, arguing that the fourth quarter results “won’t capture the full extent of business disruptions caused due to the drop in UPI and bill payment market share.”
Sebi proposes to revise criteria for derivatives market, potentially adding 78 stocks like LIC, Zomato, YES Bank. Changes include higher thresholds for order size, market-wide position limits, and introducing Product Success Framework for single-stock derivatives after 6 months.
Latest on Paytm: In March, the Reserve Bank of India (RBI) issued guidelines that prohibit Paytm Payments Bank Account/Wallet from receiving new deposits or authorizing credit transactions beyond March 15, 2024.
Warburg Pincus arm White Iris Investment will likely offload 3.5% stake in Apollo Tyres through block deals, according to reports.
The stock fell 20% for two consecutive days after January 31, when the Reserve Bank of India imposed restrictions on Paytm Payments Bank including accepting fresh deposits and doing credit transactions. On March 11, the RBI barred Paytm Payments Bank from onboarding new customers.
Paytm Share Price: The stock, which stooped to a new all-time low of Rs 310 on Wednesday, witnessed a reversal on Thursday amid strong volumes with over 88 lakh shares getting traded on the NSE around 12:20 pm.
Paytm layoffs: Following the RBI’s decision to terminate Paytm Payments Bank and the wallet business, numerous employees are being asked to “voluntarily resign” without prior notice. Many have reported being denied severance pay and instructed to repay joining and retention bonuses. Despite the lack of formal communication outlining the restructuring process, some employees allege that termination clauses were not included in their offer letters.
Paytm Share Price: Paytm shares plummeted to an all-time low after Aditya Birla Finance invoked loan guarantees due to repayment defaults. Other partners like Piramal Finance and Clix Capital have also terminated their partnerships, reflecting stress in Paytm’s lending business amidst regulatory actions and market conditions.
Paytm Share Price: On Monday, shares of One 97 Communications, the parent company of Paytm, experienced a 5% decline, reaching a day’s low of Rs 351.70. This drop followed the company’s disclosure to the exchanges regarding the resignation of Bhavesh Gupta, who served as the Chief Operating Officer (COO) and President of Paytm.
Indian benchmark indices ended on a negative note for the fifth straight session on May 30, with Nifty closing around 22,500 on its monthly expiry. The Nifty opened with a gap down of 87 points and then fell 288 points from the day’s high. The index ended the session near the day’s low, settling at Rs 22,488, down 216 points. Meanwhile, Sensex dipped 0.83% or 617 points to end the day at Rs 73,885.60. Here is a list of stocks that witnessed the most action on Thursday:
Stock might look a bit rich in terms of near-term valuations over the next four or six quarters, but I still think from a medium-term perspective the outlook for the group and business or stocks continues to remain positive.
Paytm has appointed former Sebi whole time member Rajeev Krishnamuralilal Agarwal to the board as non-executive independent director as Neeraj Arora had resigned citing “personal commitments”.
PNB Housing Finance shares experienced a significant decline of over 8%, reaching the day’s low at Rs 724 in Wednesday’s trading on the BSE. This drop followed a sizable block deal where 2.7% of the equity changed hands.
Zomato confirmed in a stock exchange filing that it is in talks to acquire fintech Paytm’s ticketing business, as reported by ET on June 16. The company added that “no binding decision” has been taken about the deal at this point. The deal could value the Paytm vertical at around Rs 1,600-1,750 crore.
The RBI’s upcoming MPC meeting on June 7, 2024, is expected to maintain interest rates amidst a stable inflation scenario post Lok Sabha election results. The focus will be on global and domestic factors impacting the economy.
Zomato’s interest in acquiring Paytm’s events and movie ticketing business is in line with the Gurgaon-based company’s efforts towards capturing consumer demand across categories like food, grocery and entertainment. If the transaction goes through, it will be the second biggest acquisition for Zomato after it acquired quick commerce platform Blinkit in 2022 in an all-stock deal for Rs 4,447 crore.
MSCI’s reshuffle on May 15 may eject Paytm from the MSCI Global Standard index, potentially attracting $2 billion from passive funds. Nuvama estimates 12 stocks to join, with inflows ranging from $144 million to $224 million each.
The open network will initially offer two-wheeler parts, accessories and merchandise. Customers can easily discover ‘Hero Genuine Parts’ by using any buyer apps on the network, such as Paytm and Mystore, among others, Hero MotoCorp said in a statement.
The opposition party Congress launched a blistering critique of the Prime Minister on Wednesday following reports suggesting that billionaire Adani might acquire a stake in Paytm. Following the release of the report regarding Adani and Paytm, both companies swiftly clarified their positions. One97 Communications addressed a media report on Wednesday suggesting that Gautam Adani, chairman of the Adani Group, may be contemplating acquiring a stake in Paytm’s parent company, One97 Communications.
Paytm’s sales employee headcount in March 2024 quarter dropped by about 3,500 to 36,521 personnel on a quarter-on-quarter basis, mainly due the impact of the Reserve Bank of India’s ban on services of Paytm Payments Bank.
Zomato is looking to strengthen its ‘going-out’ business with the acquisition of Paytm’s ticket booking and events business. Details on this, and more in today’s ETtech Morning Dispatch.
Paytm is in advanced talks to sell its movie and events ticketing business to Zomato amid declining sales. The move is part of Paytm’s revival strategy after reporting its first sales decline, triggered by regulatory actions. The potential sale aims to help Paytm refocus on core businesses like travel and cash backs.
Firing in first half of 2024 lesser than H2, H1 of ’23, signalling a slight recovery. Ola Electric is in the final stages of laying off over 600 after sister company Ola Cabs fired around 200 workers in late April. Industry executive told ET, even with the slowdown in layoffs, startups are still not out of the woods.
Hyundai Motor’s Indian business filed draft papers for a potential large IPO in India to enhance its brand image and increase liquidity.
Happy Friday! Banks are gaining ground in the toll payments space as Paytm Payments Bank’s market share continues to plummet. This and more in today’s Morning Dispatch.
The initial public offering of subscription travel firm Ixigo sailed through on the first day on robust retail interest. Details on this and more in today’s ETtech Top 5.
NCLT has asked Byju’s to maintain status quo in its shareholding, pausing its controversial rights issue, this and more in today’s ETtech Top 5.
Samsung Galaxy users can now use Paytm services to make flight, bus, movie, and event ticket bookings on the Samsung Wallet. Samsung customers who use the Paytm app for flight, bus, and movie bookings, and the Paytm Insider app for event bookings, can add their tickets directly to Samsung Wallet.
One97 Communications, owner of Paytm, will focus on distributing insurance products from various insurers after the Insurance Regulatory and Development Authority of India (Irdai) accepted Paytm General Insurance’s registration withdrawal application. This move aligns with Paytm’s strategy to enhance insurance distribution across Health, Life, Motor, Shop, and Gadgets segments through its subsidiary, Paytm Insurance Broking Private Ltd (PIBL). Paytm aims to innovate small-ticket insurance products for consumers and merchants, leveraging its extensive distribution network to increase insurance penetration.
After RBI restricted Paytm Payments Bank, the UPI transactions on the Paytm app fell. This is the first month the fall has been arrested since February. In terms of the share of UPI payments by volume, Paytm stood at around 8.1% in May — almost at the same level as the previous month.
One97 Communications responds to speculation of Adani Group chairman Gautam Adani considering acquiring a stake in Paytm’s parent company. The company clarifies that no discussions are ongoing, emphasizing compliance with SEBI regulations.
Pine Labs is reportedly considering a US IPO that could value the company at over $6 billion. The offering is expected to include both new and secondary shares, and the company may pursue a pre-IPO funding round.
PhonePe launched its own Android-based app store, challenging Google’s billing policy and commissions. It onboarded popular apps and gaming majors, offering zero listing and platform fees.
Gautam Adani, chairman of the Adani Group, is reportedly looking into acquiring a stake in One97 Communications, the parent company of Paytm, according to sources cited by The Times of India. Paytm’s founder and CEO, Vijay Shekhar Sharma, met with Adani in Ahmedabad to discuss the details of the potential deal.
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
Major new-age companies including Zomato, Paytm, Delhivery, Nykaa and PB Fintech saw their stock prices plummet on Tuesday. However, as the broader markets recovered some losses on Wednesday, these stocks also saw their prices rise. This plunge followed massive gains on Monday when exit polls had suggested a clear mandate for the ruling Bharatiya Janata Party (BJP).
Paytm Q4 Results: The fintech major’s March quarter results were impacted by temporary disruptions on account of the UPI transition and permanent disruption because of the payments bank embargo. The company said Payment Bank’s products like Paytm wallet and FASTag were distributed but due to the current embargo, it anticipates a steady state of an annualised direct impact on EBITDA to be around Rs 500 crore.
Ecommerce firm POP closed a $2.4 million seed funding round led by India Quotient. They received approval as a Third-Party Application Provider from NPCI for UPI payments via the POPclub app. The funding will expedite initiatives including the POP UPI service for earning POPcoins. Bhargav Errangi aims to make POP the go-to platform for payments and shopping for young Indians.
Retail investor’s shareholding went up by 168 bps from 12.85% to 14.53% sequentially while Non-Resident Indians (NRIs) also saw an increase from 0.67% to 0.85%.
Paytm’s parent, One 97 Communications Ltd, is taking steps to “strengthen the governance framework across our group entities (especially regulated entities)” by appointing subject matter experts as advisors of independent directors, says founder Sharma in letter to shareholders. Going forward in the ongoing fiscal, Paytm also anticipates reduction in employee costs.
Paytm, the Indian fintech pioneer, signalled job cuts and asset trimming after reporting its first sales decline on record due to a regulatory probe. The company’s net losses surged to 5.5 billion rupees, with revenue dropping by 2.6%. Paytm aims to recover by streamlining operations and focusing on core businesses.
In the first four months of 2024, Paytm’s user base shrank by 24% to 80 million, while the count of its active devices dropped by about 1 million over February and March on account of attrition, according to its quarterly filings with the stock exchanges. User attrition happened as a result of regulatory action by the RBI, it said.
Indian startups and large new-age companies have been cutting down their workforce since the beginning of this year.
With the help of credit on UPI, people and companies can obtain bank credit lines that have already been approved. Now customers can scan to use their credit on UPI with ICICI Bank mobile app’s PayLater option.
Markets are inherently intelligent by nature and structure, and given the kind of election mandate, markets had factored in the anti-incumbency & challenges that the government would face in the elections.
Vijay Shekhar Sharma, MD of Paytm, emphasizes the importance of economic growth reaching every corner, urging the next government to prioritize this focus.
Paytm will be a high conviction exclusion, causing outflows of $77 million from India, the domestic brokerages’ note said. Paytm’s exclusion comes after a nearly 40% correction in the share price following RBI’s ban on its Paytm Payments Bank. Meanwhile, Berger has yielded nearly 9% returns over 1 year.
Fintech major Paytm’s losses widened to Rs 550 crore in the fourth quarter ended March 2024. The same stood at Rs 169 crore in the last year quarter.
The development comes almost a month after Paytm Payments Bank stopped basic banking services under the instructions from the Reserve Bank of India.
Analysts expect Nykaa to continue the stable trend seen in the last few quarters, while Paytm will likely see a decline in core earnings due to RBI’s restrictions on the Payment Bank.
Measures to boost the sale of electric vehicles are likely to be announced in the upcoming budget. this and more on today’s ETtech Top 5.
Paytm Payments Bank lost market share in Fastag toll payments, now taken by commercial banks post regulatory action. Market share dropped to 2% in May from 16% in January, as per NPCI data.
The company which operates Paytm is expected to witness a gradual growth in its lending business, the brokerage said in a review note.
SBI Card announced that accrual of reward points on government related transactions will be discontinued for certain credit cards from July 1, 2024. List of SBI Credit Cards where reward points will not be applicable on government related transactions.
Stocks that were in focus included names like Canara Bank, which jumped nearly 0.62%, Paytm, which fell 1.16%, and PB Fintech, whose shares rose 3.22% on Wednesday.
Finsall, a Bengaluru-based insurtech startup, raised Rs 15 crore in bridge funding led by Unicorn India Ventures and Seafund. The funds will be used to establish a non-banking finance company for scaling lending operations and enhancing partnerships with insurers and lenders.
Earlier, asset reconstruction companies (ARCs) would ask creditors selling bad loans for central KYC records, but now the RBI is insisting on full KYC. “When purchasing portfolios from banks/NBFCs, RBI requires ARCs to maintain KYC documents for all accounts. This seems to be a fallout of the Paytm incident,” said an ARC executive.
Following the controversy surrounding misleading advertisements by Patanjali, Baba Ramdev and Acharya Balkrishna have submitted affidavits to the Supreme Court, offering “unconditional, unqualified” apologies.
Morgan Stanley maintained an overweight rating on Maruti Suzuki but raised the target price to Rs 14,322 from Rs 11,228 earlier.
The Reserve Bank of India (RBI) in late January had ordered Paytm Payments Bank to stop accepting new deposits in its accounts or digital wallets from March, citing supervisory concerns and persistent non-compliance with rules.
Paytm UPI Lite Wallet approach helps users manage their small daily expenses efficiently, without the hassle of multiple entries in their bank passbooks, with no PIN requirement, ensuring an organized and simplified financial tracking.
Here’s a look at how the biggest fundraises by Indian companies in the form of IPOs and FPOs have fared. (Source: Capitaline | ET Bureau)
Fino Payments Bank sees an opportunity in the digital banking space after Paytm Payments Bank’s exit. To capitalise on this, they’re ramping up their digital offerings, aiming to grow their digital revenue share from 5-6% in FY24 to 15% this fiscal year. Since December, Fino has deployed around 14,000 QR codes which reported 300,000 transactions valued at Rs 33 crore.
Happy Thursday! Wipro CEO Srinivas Pallia is betting on internal talent to propel growth. This and more in today’s ETtech Morning Dispatch.
Troubled fintech Paytm reported its first quarterly earnings after the RBI banned its payments bank in January. This and more in today’s ETtech Top 5.
Zomato was the top performer from the new age technology pack, giving a staggering 258% return to investors in FY24. This was after a 38% correction witnessed in FY23.
Sanjiv Bhasin advises caution on Bhel stock due to parabolic rise, suggests focusing on rail stocks instead for investment opportunities. Bhasin says we would say be a little cautious, wait out, hear the commentary and let some corrections come in because now you are chasing a parabolic rise which may not last for long.
162 companies to report Q4 earnings on Wednesday. Nykaa expects 24% BPC and Fashion GMV growth, while Paytm faces a revenue decline from RBI actions. Analysts also predict pressure from discounting and lower advertising income.
Shares of One 97 Communications surged 5% as NPCI approved Paytm for UPI. Morgan Stanley maintains a price target of Rs 555. YES Bank to serve as a merchant acquiring bank for Paytm.
Happy Thursday! While layoffs continue, startups are strategically refilling certain open positions with lower-salaried junior staff to cut costs. This in today’s ETtech Morning Dispatch.
Facing a prolonged funding drought, startups are trying a new approach to cost-cutting. Layoffs continue, but some companies, like Swiggy and Ola, are strategically refilling certain open positions with lower-salaried junior staff, according to industry insiders.
“This high India VIX indicates widespread market fear among traders who have been awaiting the general election results scheduled to be announced on June 4. Historical data of India VIX suggests that the rise may not be over at the current level, implying further corrections might occur in the market. However, a one-sided fall from the current level is less expected.”
One97 Communications shares surged 5% to Rs 370.90 on BSE as NPCI approved Paytm for UPI. YES Bank will be payment provider and merchant acquiring bank. Jefferies compares Paytm’s model to PhonePe, Google Pay.
When it was listed on the public bourses in 2021, Paytm was valued at nearly $20 billion.
In the past decade, many Indians have embraced the equity culture and started investing in stocks and equity mutual funds. Some analysts feel that retail investors should put money in unlisted shares if they want outsized returns. Other financial advisers say retail investors should not dabble in unlisted shares for the simple reason that the risk they entail is not worth the rewards they offer.
Shares of Paytm parent One 97 Communications fell 5% on Monday after its president and chief operating officer Bhavesh Gupta resigned. More on this in today’s ETtech Top 5.
Happy Thursday! Ride-hailing platform Uber is strengthening its hyperlocal deliveries from neighbourhood stores. This and more in today’s ETtech Morning Dispatch.
The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.
The record high transactions come after a month-on-month dip in volumes in April to 13.3 billion, with the network dropping 1% from 13.44 billion in March. In May, the average daily transaction value was Rs 65,966 crore with average daily volumes at 453 million. UPI is the fastest growing digital payments channel in the country.
Paytm’s chief operating officer and president Bhavesh Gupta resigned on Saturday in yet another top-deck exit at the fintech company. The Noida-headquartered firm also announced changes in its leadership structure. Paytm Money CEO Varun Sridhar will be replaced by Rakesh Singh.
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