Paytm share price: Shares of One97 Communications parent company of Paytm traded over 4 per cent on the upside as the company announced a board meeting to decide on buyback of shares. 

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The stock opened at an intra-day high of Rs 544 apiece and quoted Rs 529.20 apiece in the early trade which was up 4.13 per cent on NSE and on BSE the stock traded at Rs 531.50 apiece. 

Year To Date (YTD) the stock has declined more than 60 per cent and in the past six months it has declined over 15 per cent. 

Buyback details

In a regulatory filing the company said that today, December 9 the company will have a board meeting to take a decision on buyback of shares. 

“We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, December 13, 2022 to consider a proposal for buyback of the fully paid-up equity shares of the Company, in accordance with the applicable provision under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (as amended), and other applicable laws,” the exchange filing read. 

The management believes that given the Company’s prevailing liquidity/ financial position, a buyback may be beneficial for shareholders. 

Anil Singhvi’s take on Paytm

Zee Business Managing Editor Anil Singhvi has recommended investors to hold the shares of the this Indian digital payment company.

Singhvi said that the stock has bottomed out and has seen a low in November. He further said that Rs 440 apiece to Rs 450 apiece is a strong support unless the buyback news is not big. 

He added that the share could see an upside of Rs 550- Rs 565 in the coming days. Downside in new age companies have bottomed out and will likely move up from here, the Managing Editor opined. 

Paytm made a tepid stock market debut on November 18, 2021. The Rs 18,300 crore-IPO (initial Public Offer) was launched in November with a price band of Rs 2,080-2,150 apiece. Paytm share price got listed at Rs 1,950 apiece levels on the exchanges – 9 per cent lower than the issue price.

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