Paytm share price rallied over 5% to hit a fresh 52-week high on Wednesday, led by strong volumes. The fintech stock jumped as much as 5.03% to a fresh high of Rs 1,753 apiece on the BSE.
The equity shares of One 97 Communications, the parent company of fintech giant Paytm, also saw a block deal in early trade. Around 1.06 million Paytm shares changed hands, according to Bloomberg data.
The rally in Paytm share price today was also fuelled by a report stating that the digital payments company was expanding to a new artificial intelligence (AI) business, to boost revenue growth.
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According to Bloomberg report, the company will begin the sale of AI agents to enterprise customers. These bots can automatically handle a variety of workloads and tasks with minimal supervision.
The new Paytm Intelligence, or Pi, service can deploy AI agents across functions such as sales, customer service and operations, Bloomberg reported, quoting sources.
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Initially, Pi will target banks, smaller lenders, insurers and other financial institutions in India and the United Arab Emirates, the report added.
Paytm has said it plans to be an aggressive adopter of AI across its operations. It intends to hire about 4,000 people by early next year as part of a move to expand its merchant network and AI-driven product offerings.
Paytm Share Price Performance
Paytm share price has gained over 20% in one month and has surged 62% in three months. The stock has rallied 62% in three months and has jumped 67% in six months. Over the past one year, Paytm stock price has gained 42%, while it has delivered multibagger return of 176% in two years.
However, Paytm share price has failed to rise above its IPO price of Rs 2,150 apiece since listing November 2021.
At 10:20 AM, Paytm share price was trading 4.78% higher at Rs 1,748.80 apiece on the BSE.
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