Paytm Share Price Rises After SEBI Gives Unit Approval As Research Analyst

Shares of One97 Communications Ltd. rose after Paytm Money Ltd., a wholly owned subsidiary of the company, was granted a Certificate of Registration as a research analyst by the Securities and Exchange Board of India.

With this registration, Paytm Money can offer SEBI-compliant research services, including investment insights, research reports, and data-driven analysis.

The offerings from Paytm Money will expand in the investment ecosystem, enhance user experience, and provide expert-backed insights, stated the exchange filing. The above mentioned insights and offerings will go out to both retail and institutional investors.

These services will soon be integrated into the Paytm Money app as part of a research and advisory offering, according to the company.

Paytm stock rose as much as 2.32% during early trade to Rs 704.9 apiece on the NSE. It was trading 2.29% higher at Rs 704.7 apiece, compared to a 0.74% advance in the benchmark Nifty 50 as of 9:32 a.m.

It has risen 91.48% in the last 12 months. Total traded volume so far in the day stood at 1.3 times its 30-day average. The relative strength index was at 57.33.

Nine out of 19 analysts tracking the company have a 'buy' rating on the stock, six recommend a 'hold' and four suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 965.6, implying an upside of 37.1%.