Shares of One 97 Communications Ltd. snapped a three-day fall and jumped 5% on Friday after NDTV Profit reported that the Paytm operator has likely signed a deal to move its merchant accounts to Yes Bank Ltd.
Paytm has also likely applied for a third-party application-provider licence from National Payments Corp. in collaboration with Yes Bank Ltd. and Axis Bank, according to people with knowledge of the matter.
One97 Communications and Paytm Payments Bank Ltd. have also agreed to discontinue various inter-company agreements, according to an exchange filing.
Paytm's stock jumped as much as 5% during the day to Rs 423.45 apiece on the NSE. It was trading 4.4% higher at Rs 421 per share, compared to a 1.05% advance in the benchmark Nifty 50 at 11:16 a.m.
The share price has fallen 33.9% in the last 12 months. The total traded volume so far in the day stood at 0.18 times its 30-day average. The relative strength index was at 41.
Six out of the 14 analysts tracking the company have a 'buy' rating on the stock, three recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 62.1%.
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