Is the worst over for Paytm? Stock market gains for the fourth consecutive day; This is everything you need to know – Market News | Top Vip News

Shares of One97 Communications, the parent company of Paytm, extended its positive momentum for the fourth consecutive session. The stock soared over 4% intraday on Wednesday, March 20, hitting the daily high of Rs 425.70 on the NSE, driven by strong trading volumes.

The gains came on the back of the National Payments Corporation of India. (NPCI) granting approval for Paytm to operate within the Unified Payments Interface (UPI) framework as a Third Party Application Provider (TPAP) under the multi-bank model.

Morgan Stanley, a prominent global brokerage firm, reiterated its ‘equal weight’ rating on the stock, maintaining a price target of Rs 555 per share in light of this development.

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Additionally, domestic brokerage firm YES Securities upgraded its outlook on Paytm for the first time since it initiated coverage of the stock. The move comes after a turbulent period during which the Reserve Bank of India (RBI) ordered Paytm to close its Paytm Payments Bank (PPBL) due to compliance concerns, leading to a significant drop in the company’s share price.

Yes Securities upgraded the payments company’s stock to “buy” from “neutral” and raised the target price to Rs 505 from Rs 350.

The brokerage firm noted that NPCI’s approval for Paytm to participate in UPI as TPAP under the multi-bank model will help sustain its UPI business operations.

Under this agreement, four major banks including Axis BankHDFC Bank, State Bank of India and YES Bank will act as payment service providers (PSP) for Paytm. These banks will facilitate electronic transactions between various parties using the Paytm app for payments.

The approval marks a crucial step forward for Paytm, allowing it to maintain its position in the rapidly evolving digital payments landscape despite recent regulatory challenges.