Paytm hits 52-week high; surges 20% in 6 days on BofA’s ‘buy’ call

Shares of One97 Communications (Paytm) hit a 52-week high of Rs 854.90, gaining 2 per cent on the BSE in Wednesday’s intra-day trade. In the past six trading days, the stock of the fintech company has rallied 20 per cent after brokerage firm BofA Securities upgraded the stock to ‘buy’ citing its dominant position in the payment industry. The foreign brokerage firm has upgraded the target to Rs 885 per share.

The stock surpassed its previous high of Rs 844.40, touched on August 8, 2022. It had hit a record high of Rs 1,961 on November 18, 2021. With the past six days’ rally, the stock has bounced back 94 per cent from its record low level of Rs 439.60, hit on November 24, 2022.